| With the continuous development of modern enterprises,the gradual separation of ownership and management has become the mainstream trend of the current society.It is in this context that enterprises have greatly improved their operating efficiency and professionalism.At the same time,problems arising from principal-agent issues have also emerged.How to reach the interest consensus between shareholders and managers is an important problem that modern enterprises need to solve.Equity incentive was born in the United States in the 1930s.Through decades of continuous practice and development,it has become one of the most important methods to solve the principal-agent and its derivative problems.At the beginning of 2006,China securities regulatory commission issued the equity incentive management method(implementation)for listed companies,which means that equity incentive has taken root in China.With the continuous improvement of the capital market and laws and regulations,the equity incentive system has developed rapidly in China,and the number of companies implementing equity incentive plans is also increasing.As an established a-share listed company,Sany Heavy Industry co.,LTD.first issued the announcement of equity incentive plan in 2012,and issued the announcement of the second and third equity incentive plan in 2016.In this paper,Sany Heavy Industry co.,LTD.is selected as the research object,and the financial analysis method is used to discuss how the equity incentive plan affects the company’s business performance,hoping to provide some references for the company and other companies implementing equity incentive plan.This paper first introduces the research content and research methods of this paper.Then it summarizes the three theories of equity incentive and relevant literature at home and abroad,and introduces the research status of equity incentive at home and abroad.On this basis,a brief introduction of Sany’s three equity incentive plan,and the implementation of the plan content and results are analyzed.This paper analyzes the effect of Sany’s equity incentive from both horizontal and vertical perspectives.From the company’s profit ability,operation ability,debt paying ability and development ability of four Angle vertically on a company’s financial indicators before and after the implementation of equity incentive is analyzed,at the same time to Ssany Heavy Industry and other industry is not the implementation of equity incentive plan company horizontal comparison,the equity incentive plan implementation results of Sany Heavy Industry to make analysis.The analysis results show that the incentive effect of the first phase of the equity incentive plan is not good,while the second and third phase of the equity incentive plan has played a relatively good effect.Finally,through the analysis of the equity incentive plan itself,find the problems existing in the plan,and draw the corresponding conclusion:in the design of the equity incentive plan,should fully consider the company’s own development situation,set reasonable performance evaluation indicators and exercise conditions,so as to play a better incentive role. |
