Study On The Implementation Effect Of The Equity Incentive Of Ufida

With the improvement of relevant legal system,more and more enterprises choose to implement equity incentive.By the end of 2017,there have been 1,154 enterprises in the a-share market with equity incentive plans,among which high-tech enterprises are particularly keen to implement equity incentive.High-tech enterprises are of great significance to promote economic development and enhance national comprehensive strength.The development of high-tech enterprises cannot be separated from the incentive of employees,and equity incentive plays an increasingly important role in the management of high-tech enterprises.However,China's equity incentive system started late,and the relevant research has not been completed yet,and the incentive effect of the enterprise needs to be tested.This paper choose the yonyou network,as the representative of the high and new technology enterprise from yonyou network the implementation of equity incentive,market reaction and financial performance of three times on the implementation of equity incentive effect.Found that short term and long term stock market for the implementation of equity incentive is a good attitude,but because of yonyou network equity incentive itself exists some problems,so the attitude of investors also according to different situation on the implementation of equity incentive during the change.Unlike the positive response of the stock market,although the implementation of equity incentive of yonyou financial performance have a positive effect,but the profitability of the enterprise itself change cannot explain the friend network in the stock market performance.At the same time,this paper finds that under the single performance appraisal system,it is easy for the enterprise to simply pursue the achievement of the target index and ignore the other capabilities of the enterprise.In this paper,through the further study of the equity incentive effect of friends network through EVA,it is found that,from the perspective of EVA,the equity incentive of yonyou network is very effective.But because of the characteristics of the high and new technology enterprise,financial indicators of return on net assets and net profit growth rate does not reflect a high and new technology enterprise in research and development input and output,so EVA method to the equity incentive incentive to yonyou network more obvious.Based on the carding of the friend network case,this paper argues that the high-tech enterprises,equity incentive has certain positive effect,but more sophisticated equity incentive system design,more diversified financial performance evaluation index system,more perfect governance structure can promote the implementation of equity incentive effect.In this paper,the author makes Suggestions on the appropriate equity incentive plan for relevant enterprises.The research of this paper has some theoretical and practical significance for improving corporate governance and guiding relevant enterprises to make effective equity incentive plan.