Application And Effect Analysis Of Share Repurchase Equity Incentive In Supor Company

In the early development of my country's capital market,economic resources were the main factors affecting the company's operations.With the continuous progress and improvement of the market-oriented economy,the position of human capital in the capital market has gradually improved.Although a series of incentive programs have appeared on the market,the incentive effects have been mixed.It was not until the introduction of the "Measures for the Administration of Equity Incentives of Listed Companies(Trial)" in 2006 that pointed out a directional path for talent incentives for listed companies in my country,and equity incentives gradually became the main incentive for listed companies.The main logic of equity incentives is to reduce the degree of deviation of the interests of the company's owners and operators.The actual controller of the company hopes to encourage management and employees through equity incentives,so as to achieve the company's strategic goals and maintain long-term development.However,current research shows that equity incentive plans may,to a certain extent,cause short-sighted behaviors by management,and even situations in which management plans are "tailor-made" for them.The equity incentive plan of Supor is different from the design of most listed companies,and has achieved good incentive effects.The company's share price and performance have been significantly improved and have a certain representativeness.Therefore,this article selects Supor as the research object,and explores the restrictive stock incentive plan implemented by Supor in August 2017,in order to provide experience for China's listed companies to further improve the design and implementation of equity incentive plans,and to improve the regulatory mechanism for regulatory authorities.Provide some reference and inspiration.On the basis of sorting out the previous literature,this article describes the relevant theory of equity incentives,and then draws the following conclusions by analyzing the case of Supor's repurchase equity incentive plan: First,the accounting treatment of the company's stock repurchase adopts innovative The BS model performs accounting processing,which reduces the book cost,and the stock repurchase has achieved the effect of boosting investor confidence.Secondly,the specific form of equity incentives is restricted stock incentives,combined with a dynamic performance evaluation model and a longer period of lifting the restricted sales period.With the increasing proportion of awards year by year,the plan has played a long-term incentive role;and during the equity incentive plan,the company's performance has steadily improved,mainly reflected in the long-term growth of net asset returns and stock prices.Finally,in order to standardize the formulation and implementation of the listed company's equity incentive plan,this article puts forward the following suggestions: encourage listed companies to adopt the share repurchase model of equity incentive plans;adding dynamic performance evaluation clauses to the incentive plan can improve the incentive effect;The establishment of a scientific equity incentive plan will help the company's long-term development.The structure of this article is as follows: The introduction in Chapter 1 mainly introduces the research background and research significance of repurchase equity incentives,and comprehensively discusses the relevant literature on the status of stock repurchase and equity incentive research,and summarizes the article Research framework,ideas and methods;Chapter 2 summarizes the definitions and methods of stock repurchases and the concepts and characteristics of restrictive stock incentives by studying the theory of stock repurchases and equity incentives;Chapter 3 focuses on the Supor repo The content and implementation process of the purchase-type equity incentive plan;Chapter 4 analyzes the reasons why Supor chose the repurchase-type equity incentive plan,and analyzes the main impact of the incentive plan from both financial and market effects.To explore the financial effects of the incentive plan based on changes in the four aspects of Supor's profitability,solvency and financial risks,operating capabilities,and growth capabilities,based on the three aspects of management income,shareholder wealth effect and the company's long-term stock price trend The change of this indicator analyzes the market effect of the incentive plan;Chapter 5 summarizes the previous research contents and draws specific conclusions,and proposes corresponding case inspirations.The main contribution of this article is to analyze the impact of Supor repurchase equity incentives on the company through multiple perspectives,and use this as a data basis to explain the advantages and disadvantages of the equity incentive plan,in order to obtain the best incentives for equity incentives The reference model of the plan provides a reference for other listed companies to design and implement equity incentive plans.While enriching the research related to equity incentives,it also provides a reference for further supervision by my country's regulatory authorities.