Research On The Effects Of Stock Incentives Of State-owned Listed Companies

As a long-term incentive mechanism,equity incentives can stimulate internal vitality,improve the governance environment,and encourage and restrict the common development of employees and the company by conditionally giving employees part of the shareholders' rights and interests.With the acceleration of the reform of mixed ownership of state-owned enterprises,more and more companies put equity incentive plans on the agenda as an important means to enhance the vitality of the company's development.However,due to the short development time,the equity incentive mechanism is not yet mature,and some companies have not achieved the expected results after implementation.The effectiveness of the implementation of equity incentives needs to be considered.Therefore,there is an urgent practical need and research significance for the research on the equity incentive effect of state-owned listed companies.This article selects Baosteel as the case study object.First,it analyzes the status quo of the implementation of equity incentives in state-owned listed companies,analyzes the external environment and internal motivations of the implementation of Baosteel's equity incentives,and compares and analyzes the constituent elements of the two equity incentive plans,and then uses the effects Coefficient method,financial indicator method and EVA evaluation method analyze the changes in financial performance after the implementation of equity incentives from both horizontal and vertical perspectives,combine the analysis of non-financial indicators to expand the scope of performance evaluation,and verify from the perspectives of human capital,R&D innovation,and short-term market response The implementation effect of equity incentives.Through case studies,it is found that Baosteel's equity incentives conform to the overall characteristics of state-owned listed companies equity incentives.The design of the equity incentive plan is a typical representative of state-owned listed companies;equity incentives have effectively improved Baosteel's performance,but the focus is different.Profitability,solvency,and value creation capabilities have been significantly improved in financial performance.In non-financial performance,the company's human capital and R&D innovation levels have been optimized,and the stock market has also shown a positive attitude towards the two-phase equity incentive plan.Response;At the same time,there are still problems in the program design such as small incentive range,low unlocking difficulty,and incomplete index settings,which affect the performance of the incentive effect and need to be further optimized and improved.This article analyzes the implementation effect of Baosteel's equity incentives from the above perspectives,enriches the evaluation methods of equity incentives,and proposes ways to expand the scope of incentive objects and improve the design of the scheme in view of the scope of incentives,difficulty in unlocking,and lack of indicator settings in its scheme design Incentive,increase non-financial index assessment optimization suggestions,and put forward ideas for improving the external environment of equity incentives for the relevant incentive environment and rule-makers,and provide certain reference and experience for other state-owned listed companies to implement equity incentives.