Research On Equity Incentive Scheme Of Listed Companies

In view of the listed companies of China did not form an effective long-term incentive mechanism,the company's management is often regardless of whether the interests of shareholders is damaged in order to seek personal interests.Because of the ability of Equity incentive to fully mobilize the enthusiasm of the management,management care about not only their own,but also the pursuit of "maximization shareholder value" to achieve the management and corporate shareholders of the interests of a high degree of unity,and ultimately improve the value of enterprises.At the same time,the equity incentive plan can improve the internal governance structure of the company,improve the internal governance effect,and effectively solve the principal-agent problem.Today,the problem of brain drain in listed companies is very serious.Since the company can not immediately establish a perfect salary system or a sound assessment system in the early stages of its establishment,the core talent or the senior management of the event occurs frequently.Equity incentive plan due to the implementation of a long period of time,can effectively stabilize the enterprise executives and core technical personnel,play a talent incentive and restraint role,more and more listed companies used.This paper uses the method of case study,from the Vanke company two equity incentive way to start the implementation of the various aspects of the implementation of the program in-depth analysis.It mainly covers the stock source,the incentive object,the incentive way,the exercise standard,the exercise price and so on.Through the analysis of the stock before and after the implementation of the equity incentive,the effect is evaluated,and according to the effect of the two programs to point out that Vanke in the design of the existing problems,and then come to China's listed companies in the equity incentive program of some suggestions and improvements.It is suggested that the diversified equity incentive form should be used flexibly,and different equity incentive mechanism,such as restricted stock or stock option,can be selected according to the financial situation of the enterprise,the corporate governance signs,the growth of the enterprise,the nature of the controlling shareholder and the industry.At the same time proposed to cultivate a mature capital market.It also emphasizes the importance of improving the performance evaluation mechanism and determining the rational allocation of objects and distribution ratio.Finally,we can introduce the multiplicand multiplier to measure the relationship between the completion of the performance and the number of the final shares,hoping to provide reference and reference for the design and implementation of the equity incentive plan for more companies.