Research On The Influence Of Stock Option Incentive On Enterprise Performance Under The Background Of Mixed Reform

The status of state-owned enterprises in China’s economic market has always maintained an irreplaceable role.However,compared with private enterprises with a higher degree of marketization,many state-owned enterprises have problems such as low management efficiency and weak staff enthusiasm.The reform of ownership of state-owned enterprises came into being in order to solve the problems encountered in the operation of state-owned enterprises.In order to better implement the reform of mixed ownership,"equity incentive" was put forward and applied in the process of mixed reform of state-owned enterprises,which is very important to promote the deepening reform of state-owned enterprises,which also confirmed the practical significance of the research topic of this paper.Based on the background of mixed ownership reform,this paper selects Hualu Hengsheng,a state-owned enterprise,as a case enterprise to explore whether the equity incentive plan can bring positive effects to state-owned enterprises,thus promoting the reform of mixed ownership.Firstly,according to the research topic,the research status,related concepts and theories in this direction at home and abroad are summarized.Secondly,it analyzes the business development of Hualu Hengsheng and its motivation of implementing equity incentive,and then introduces the specific process of introducing equity incentive into Hualu Hengsheng.Furthermore,from three aspects of financial performance,market performance and non-financial performance,this paper makes a comprehensive analysis of the impact of the two incentive plans implemented by Hualu Hengsheng on enterprise performance.Among them,through the calculation and analysis of traditional financial indicators and EVA value,the influence of incentive scheme on enterprise financial performance is quantified,and the short-term wealth effect of Hualu Hengsheng is qualitatively analyzed by event research method.The results show that these two periods of equity incentives have brought a positive impact on the above aspects of Hualu Hengsheng.However,its equity incentive scheme also has some shortcomings,so some improvement measures are put forward in view of the shortcomings of its design scheme.Through the analysis of the implementation effect of Hualu Hengsheng’s equity incentive,it is found that the implementation of this plan can promote the financial performance of Hualu Hengsheng.Among them,the financial effect of Hualu Hengsheng’s first equity incentive is more obvious,and Hualu Hengsheng’s second equity incentive can obviously promote the solvency,profitability,operation ability and EVA of enterprises,but the positive incentive for development ability is not obvious.Hualu Hengsheng Equity Incentive Plan also significantly improves the market performance and non-financial performance of enterprises.Based on this,this paper summarizes the successful experience of Hualu Hengsheng: choosing the right incentive opportunity,focusing on the core employees and choosing the right incentive mode,but at the same time,there are some problems in the equity incentive plan,such as incomplete assessment system and small incentive scale,which is not conducive to exerting its long-term incentive effect.Finally,the following suggestions are put forward for state-owned enterprises that want to implement equity incentive:in the process of reform,state-owned enterprises should choose the mixed reform mode according to their actual situation and formulate incentive schemes that conform to their development mode,so as to make the mixed ownership reform play the most effective role.