| Under the modern company system,the separation of ownership and management rights.The separation of the two rights helps the company to be more specialized in its operation and management,but due to the asymmetric information,it also has many problems of principal-agent.Equity incentive is an incentive commonly used by modern enterprises.It bundles the interests of managers and the interests of shareholders,which helps to solve the problem of principal-agent.However,due to the fact that the capital market of our country is still in a weak and effective stage,the share price can not accurately convey the company's value and reflect the business performance of the enterprise.Not only that,there are still managers incentive stock options in order to achieve the incentive to paint financial statements,sacrificing the company's long-term interests and other issues.The improvement of operating performance is also affected by the industry factors and the macroeconomic environment,and the phenomenon of free-riding managers emerge in an endless stream.The traditional equity incentive plan by the above factors and did not achieve the desired effect.Therefore,how to restrain managers' behavior,improve performance evaluation index,and solve the problem of lack of incentive effectiveness has become the key to the design of equity incentive plan.In this paper,aiming at the problems of FH's equity incentive plan,this paper proposes the EVA-based equity incentive model.The basic idea is to introduce the EVA concept into it.By calculating the EVA's rate of change during the validity period,Price,out of the traditional program in the number of stock options and market exercise price unchanged,the lack of flexibility issues.In addition,the inclusion of EVA in the incentive plan assessment indicators,more fully reflect the business to EVA maximization as the goal of the appeal,so that managers work harder to improve EVA performance level,to create the real interests of shareholders. |
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