Restrictive Stock Incentives,Employee Follow-Up And Strategic Transformation In State-Owned Enterprises

Since September 2008,SASASAC of the State Council issued "Opinions on Standardizing Employee Stock Ownership and Investment in State-owned Enterprises",the reform of mixed ownership of state-owned enterprises has been deepening,and significant progress has been made in the past ten years.In September 2018,the National Development and Reform Commission issued Opinions on Several Policies for Deepening the Pilot Reform of Mixed Ownership,pointing out that we should actively promote employee stock ownership in pilot enterprises of mixed ownership reform,effectively realize the binding of interests and risks between enterprises and employees,strengthen internal incentives and improve corporate governance.With the guidance of national policy,state-owned mixed ownership enterprises have reached the upsurge of equity incentive.However,whether equity incentive schemes,especially new equity incentive schemes such as restricted stock incentives and employee project follow-up,can provide impetus for the strategic development of state-owned mixed ownership enterprises has become a new topic.The main research subject of this dissertation is that how the implementation of restricted stock incentives and employee project follow-up in state-owned mixed ownership enterprises affects corporate performance and strategic transformation.Research status:At present,scholars have made deep research on the influencing factors of managerial equity incentive,restricted stock incentive and employee project follow-up evaluation,the practice and effect of state-owned enterprise equity incentive.However,few scholars take state-owned listed companies as cases,and the current research focuses more on equity incentive and option incentive,ignoring restricted stock incentive and employee project.The practical application of follow-up and investment incentives in state-owned listed enterprises,especially from the rationality of scheme design and enterprise performance and strategy.Research ideas:In the case of Hikvision,through the single case study,in the analysis of industry background and system background,analysis of enterprise implementation of restricted stock incentive and employee projects with investment from the management changes and changes in the external environment.Therefore,the change of external environment leads to the change of corporate governance.Strategic transformation needs motivation.Equity incentive plan can provide motivation for the strategic development of enterprisesResearch findings:Firstly,the support of policy system and the factors of industry pressure promote the implementation of equity incentive plan;secondly,the conditions of exercising power of incentive plan are stricter,the nature of incentive is obvious,but the stamina is insufficient;thirdly,the stable implementation of two kinds of equity incentive plans has obvious effect on improving financial performance;finally,the distribution of incentive objects focuses on the core staff,which is beneficial to enterprise strategy.The transformation and upgrading.Innovation and application value:This paper takes the state-owned mixed-ownership listed companies as the case object,reveals the impact of restrictive stock incentives and employee project and investment incentives on the strategic development of the company under market guidance and policy guidance.This paper not only broadens the research perspective of the existing literature on the role of equity incentive plans,but also provides guidance for the design of incentive programs and strategic development of state-owned mixed-ownership listed companies.The research conclusions of this case are universal.By discovering the restrictive stock incentives in the equity incentive plan and the general mechanism of the employee project and investment plan to provide protection for the strategic transformation of the enterprise,it helps to inspire and promote the deepening of the equity incentives of the mixed ownership enterprises.