Analysis Of Stock Incentive Contract Design Based On Environmental Matching Perspective

Separation of owners and managers and different interests appealed to the problem of entrusted agency in modern enterprise systems.Enterprises granted equity to executives and core technology employees through equity incentives,so that business operators had partial ownership of the enterprise.The interests of the operators are tightly tied with the companies and the interests of the operators and owners are converged.Through the equity incentives of listed companies in China,most companies can successfully complete the equity incentive plan and obtain good results.However,it cannot be overlooked that there are many cases where the equity incentive plan of the company fails.What causes this phenomenon and what's happening to the company is the focus of this article's research.At the same time,the in-depth study of equity incentive theory plays an important role in the development of China's capital market and the improvement of the internal governance of listed companies.In this context,this article selects the case of two equity incentives of Jiuyang Stock,and analyzes in depth the design of equity incentive contracts and the issue of environmental matching.The selection of Jiuyang shares as a case study object is mainly due to two considerations.On the one hand,the equity incentive of Jiuyang shares has a certain representativeness.After the first launch of the equity incentive plan,the incentive plan was withdrawn six months later.The equity incentive plan was re-introduced three years later.In September 2017,the unlocking tasks of all three phases were successfully completed.Why the two solutions would have completely different results are the two incentive plans for this article from the perspective of environmental matching.The analysis provides a good source of information.On the other hand,Jiuyang has always been in a leading position in the development of small household appliance industries.Since the release of the equity incentive plan,it has received much attention from the society.The equity incentives of the company also have a certain representation in the industry.Therefore,Jiuyang has passed the shares of Jiuyang.The research on incentives has certain implications for other listed companies in the industry and listed companies in other industries.This paper uses the case study method to describe the implementation process and results of two equity incentives of Jiuyang shares from the three aspects of environmental matching,contract design and economic consequences of equity incentives,and adopts a comparative analysis method to compare the two equity incentive environments.Based on the changes and contractual design differences,this paper analyzes the environmental matching degree of two equity incentive contract designs and attempts to explain the different economic consequences of two equity incentives from the perspective of environmental matching.First of all,it compares and analyzes the environmental factors of the two equity incentives of Jiuyang Shares and selects five environmental factors that have a significant impact on the equity incentives.They are the economic environment in the external environment,industry competition,and the financial conditions in the internal environment.Scale,development strategy.Then,the factors of the contract design of the two equity incentives were compared and analyzed.Finally,based on the four design principles of equity incentive heterogeneity,restriction,balance,and long-term,this paper analyzes the environmental compatibility of the stock incentive contracts designed by Jiuyang Co.,Ltd.,and puts forward the design of stock incentive contracts.Optimize the dynamic equilibrium model.For the analysis of the economic consequences of the two equity incentives of Jiuyang shares,the comparative study method and event research method were used to comprehensively evaluate the economic consequences of equity incentives from two aspects of financial ability and market response,and further analyze two equity incentives.The reasons for the differences in economic consequences.At the end of the article,the proposal of equity incentive contract design was put forward as the idea of the implementation process of equity incentive design.They were the analysis of the internal and external environment of the company prior to the design of the equity incentive plan.The design of the plan focused on the scientific rationality of each contract element.In the process of implementation of the plan,the equity environment dynamic environment matching mechanism is constructed and the external environment for equity incentive implementation is standardized.