Analysis Of The Design And Implementation Effect Of Equity Incentives Under Different Enterprise Properties

Extension in the globalization background,the new company system gradually formed in the countries all over the world,the control of the company and operated gradually separate,growing listed companies operating system,the management for the enterprise to increase the certain difficulty.At present,the principal-agent problem caused by the lack of communication channels and imperfect contracts has become the focus of all trades and professions.In this kind of environment,the equity incentive method has come into being and has been widely recognized.At present,the domestic economy is developing at a high speed,and the ownership of the company is increasingly complicated.Moreover,as the internationalization process has accelerated in recent years,more and more private listed companies have gradually become foreign owned enterprises.Therefore,when exploring the relationship between enterprise nature and planning equity incentive plans,foreign holding companies need to be incorporated into the system.In 2007,Supor,a case company,was acquired by SEB group of France.The company was transformed from a private enterprise to a foreign-owned holding company,and supor exercised equity incentive before and after the change of the nature of the enterprise.This article mainly analyzes the case of enterprises under the condition of different enterprise property,its equity incentive plan design motives and content,based on the three market reaction of equity incentive scheme with the industry average,two phase of the financial indexes before and after the longitudinal comparison evaluation of equity incentive plan implementation,to explore the nature of enterprise is need to consider the factors in the equity incentive plan,equity incentive program planning is reasonable.This article attempts through the typical case that similar enterprise according to the macro situation and specific requirements,and planning are taken into the implementation of equity incentive to set up the reference,as well as implementation of equity incentive system for listed companies affiliated party evaluation result set control goals.After the research,the following conclusions are drawn: first,the performance of the design of the equity incentive plan under the nature of foreign capital is better than the result of the plan execution under the private nature.Secondly,the basic elements that need to be considered when formulating the equity incentive plan are the nature of the enterprise.The nature of the enterprise is the basic factor that determines the nature of the company.As soon as the nature of the enterprise changes,its controlling shareholders are bound to change.Therefore,the company entrusts--the agency relationship and management philosophy and the development orientation of the company will also change,which is bound to be reflected in the process of equity incentive plan design.Thirdly,the design of the equity incentive plan should be adapted to the company's own needs.Company design in the process of the equity incentive plan,it shall consider external factors such as macro industry background,should also be thinking about various characteristics such as company nature,governance mode,stage of development,development trend,etc.