Research On The Equity Incentive Plan Of Z Company

As a kind of long-term incentive mechanism,equity incentive links the personal interests of the managers with the owners' interests,which in order to avoid the managers' short-sighted behavior,reduce agency costs,improve the management efficiency,and then maximize the value of the company.The equity incentive mechanism shows great advantages in attracting and retaining talents,solving the problem of principal-agent and improving the efficiency of the company's operation and management,which has been widely affirmed in foreign practice.Z company is a high-tech enterprise listed in the GEM Board,who implement the equity incentive plan in the year that listed.The equity incentive scheme,which is very rare in other equity incentive companies,has a certain research significance in terms of the market value of the company and the comparison index with GEM index.Therefore,this paper chooses Z company as the research object,and analyzes the equity incentive plan implemented after Z company's listing.This paper first introduces the present situation of equity incentive of chinese listed companies in the 2014-2016 and the basic situation of Z company equity incentive scheme.Then it analyzes the financial performance and non-financial performance index before and after the implementation of the equity incentive scheme of Z company to evaluate its implementation effect,and finds the advantages and problems of the equity incentive scheme.And according to the existing problems,it optimizes the equity incentive scheme of Z company.Finally,the conclusion of this paper is as follows: firstly,the equity incentive scheme implemented by Z company basically accords with the present situation of stock right incentive of listed companies in our country,and it is also in line with the actual situation of Z company itself.Secondly,the equity incentive scheme implemented by Z company brings some positive market effect to the company's profitability,Solvency has a certain role in promoting,but the company's operational capacity and growth capacity has not brought much improvement.Thirdly,the equity incentive scheme implemented by Z company can stabilize the management and core personnel of the company to a certain extent,and strengthen its investment in research and development.