Research On Equity Incentive Scheme Based On Economic Value Added Of A Real Estate Agency Enterprise

With the emergence and development of modern company system in which the ownership and management rights of enterprises are separated,agency problems such as "moral hazard" and "adverse selection" of managers also appear.It is unknown whether the agency problem can be completely solved,but equity incentive is a long-term incentive mechanism.By granting equity to managers,the managers of enterprises can become the owners of enterprises,realize the unification of the goals of managers and the owners of enterprises,and effectively alleviate the agency problem.However,the majority of China's existing small and medium-sized enterprises are unlisted enterprises,and many large private enterprises have started to implement equity incentive.For example,huawei,which is widely discussed and makes the nation proud,has started to implement equity incentive although it is not listed.With the continuous promotion of the economy,in addition to large enterprises,unlisted small and medium-sized enterprises also need to start the trial of equity incentive.However,as the beginning of the implementation of equity incentive in unlisted companies,there are many disadvantages: there is no effective economic market conditions resulting in insufficient incentive effectiveness;The performance evaluation index is difficult to evaluate the manager's effort scientifically;There are no sound regulations to regulate and so on.Therefore,it is particularly important to design a scientific and effective equity incentive scheme.The thesis begins with A comprehensive discussion on the equity incentive theory and the relevant theories of EVA,and makes A detailed analysis of the existing equity incentive system of A real estate agency enterprise based on its actual situation.At present,A real estate agency enterprise adopts the incentive mode of restricted stock.Through the research and analysis of its execution process and execution effect,this paper finds that A real estate agency enterprise has some problems such as insufficient incentive effectiveness,disputes over the source of shares,unreasonable exercise design indexes and so on.In view of the above problems,the incentive mechanism of virtual stock option in A real estate agency enterprise based on EVA was constructed.EVA indicators were introduced from incentive factors such as exercise conditions and incentive funds to redesign the incentive scheme of virtual stock option in A real estate agency enterprise.Moreover,it proposes three implementation guarantees of eva-based equity incentive plan for A real estate agency enterprise.Hope based on the research of the paper,contribute to A real estate agent enterprises with its actual state run equity incentive plan,improve the competitiveness of A real estate agent enterprises,improve the ability of value creation,the hope can help to solve A real estate agent enterprise on the basis of the practical problems for non-listed company's equity incentive plan design to provide the reference and reference.