An Evaluation Research On The Plan And Implementation Effect Of Hikvision Equity Incentive

Equity incentives were widely used in the 1950 s to alleviate the principal-agent problem.After the China Securities Regulatory Commission issued the "Measures for the Administration of Equity Incentives for Listed Companies(Trial)" in 2006,equity incentives have entered a period of rapid development,and the number of companies that have adopted equity incentives has continued to increase,but failures have not been rare.Equity incentives can play an incentive role,but there are still disputes over the design and specific effects of equity incentive programs.The nature of state-owned enterprises is special.In recent years,the dispute over the compensation reform of state-owned enterprise executives has never stopped.In order to prevent the loss of state-owned assets,Regarding state-owned enterprises to implement more stringent equity incentive regulations,how to evaluate their equity incentive plans? What are the results obtained after implementing the incentives? These issues have certain research value.In this paper,Hikvision,which is included in the "Double Hundred Enterprises" of the state-owned enterprises,is regarded as the research object.After analyzing and evaluating the specific elements of the four-phase equity incentive plan,it is found that the first phase of equity incentives has insufficient incentives and a small incentive range.These issues have been improved in subsequent equity incentive programs.The evaluation of the implementation effect was first analyzed by the event research method when the incentive draft was released.The study found that the company 's individual stock returns had a positive response on the first event day.After that,the cumulative excess return of the first equity incentive was positive.The continuous fluctuation between negatives indicates that the market is not very optimistic about the first phase of equity incentives.The CAR of the second and third equity incentives has always remained positive,and the positive effect of the significance test is significant,indicating that the market is more optimistic about the second and third phases.Equity Incentives;the 2018 equity incentive plan has not yet passed the lock-up period,but the relevant unlocking conditions have been explained in the text;second,factor analysis is used to study the comprehensive performance after the implementation of equity incentives,and Hikvision implements equity incentives in It has played a role in improving profitability,solvency,and operating ability;at the same time,examining the company's performance in terms of economic value added;finally,it was found from a non-financial level that equity incentives played a role in attracting and retaining talents and promoting corporate innovation.The equity incentives of Shanghai Haiweiweishi achieved good incentive results.Based on the research of Hikvision equity incentives,the evaluation of its equity incentive plan and implementation effect is summarized,and related deficiencies and worthy aspects in its equity incentive plan are proposed,and related policy recommendations are provided for reference by similar enterpri ses.