| As an incentive to resolve the conflict of interests between business owners and operators after the separation of powers,equity incentives further influence the company’s performance by affecting the behavior of the incentive objects.Investment decision-making plays an important role in improving corporate performance and promoting long-term stable development of enterprises,and investment efficiency can be used as an effective basis for investment decisions,affecting the future value of enterprises.In view of the fact that scholars at home and abroad are currently focusing on the implementation of equity incentives,there is less research on the effect of equity incentives from the perspective of investment efficiency.Based on this,the article mainly studies the impact of the implementation of equity incentives on investment efficiency after the enterprise’s implementation of equity incentives,in order to judge whether the company’s equity incentives have achieved the expected results,and then concludes that the equity incentive scheme is worth learning from.Providing reference for other companies in designing equity incentive programs can help investors and other relevant stakeholders to effectively judge and understand the operating conditions and future development capabilities of listed companies.Based on the background and significance of the research,this paper sorts out relevant literatures at home and abroad to understand the current research status.Secondly,it selects the high-tech enterprise HK company as a case,and analyzes the company’s investment and financial data for 8 years from 2010 to 2017.Analyze the effect of HK company’s implementation of equity incentives on investment efficiency.Next,the evaluation of the effect of the equity incentives of HK companies was evaluated,and the experience and shortcomings of the equity incentive schemes implemented by the case companies were extracted.The success of HK’s equity incentives lies in the following aspects.First,the incentive model chosen by HK company is the restricted stock model.The incentive model chosen is more suitable for the company’s own characteristics.Second,the effective period of equity incentive set by HK company.Very reasonable,long effective period is conducive to the long-term development of the enterprise;third is to set appropriate incentive targets,based on the company’s own development conditions and strategic objectives,comprehensive consideration of the interests of management,shareholders,employees and other parties,rational delineation of incentives The fourth is to combine incentive programs with corporate strategies,focus on talent incentives,actively promote the implementation of equity incentives,better ensure the stability of talents,and enhance corporate value.However,the design of the performance unlocking indicator in the design of the equity incentive plan of the case company is not perfect,and the equity incentive plan is not combined with the dynamic position of the employee’s position.It is the inadequacy of the equity incentive plan;there is still a lack of perfect internal and external executives in the equity incentive supporting measures.The supervision and evaluation mechanism may lead to the loss of state-owned assets.The article believes that enterprises should formulate reasonable,comprehensive and perfect performance unlocking indicators according to the regulations issued by relevant departments of the State-owned Assets Supervision and Administration Commission and the characteristics of enterprises,and evaluate the degree of hard work of employees in a multi-faceted manner;Let each person in the same position get fair and sufficient incentives to improve the equity incentive process,which is conducive to improving the implementation effect of equity incentives;improve the internal and external supervision and evaluation mechanism of senior executives,prevent executives from “short-sighted” behavior,and prevent state-owned assets Loss. |
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