| In order to alleviate the problem of principal-agent,equity incentive has been widely used in China.Under the impetus of China’s sustainable energy development policy,the automobile industry ushered in the upsurge of innovation and upgrading.New energy vehicles that effectively reduce carbon emissions have become the new development point of the automobile manufacturing industry.In the current automotive field of technology and research and development of the white-hot industry background,equity incentive has gradually become a common means of automobile enterprises.As the first large-scale state-owned enterprise to implement equity incentive in the A-share automobile industry,GAC Group’s equity incentive experience has certain reference value for the relevant research in the automobile industry.Therefore,taking the transformation and upgrading of the automobile industry as the research background,this paper takes GAC Group,the first automobile manufacturer to implement equity incentive plan,as the research object,and analyzes the effect of equity incentive from the perspective of impact,short-term effect and long-term impact.Using the case method to group as sample to study the equity incentive plan,comparing the three incentive plan design and implementation of the concrete,to explore the path of equity incentive effects on business performance,using event study analysis the short-term effect of equity incentive,and through the principal component analysis to establish the enterprise performance comprehensive evaluation system,Combined with financial indicators and comprehensive score,the long-term performance impact of equity incentive is analyzed,and compared with the industry level,and the change of enterprise performance before and after the implementation is evaluated.And according to some problems of GAC Group equity incentive plan optimization suggestions,summed up the experience of enlightenment for reference.The analysis shows that equity incentive has a direct impact on enterprise performance from two perspectives of technological innovation and corporate governance,and significantly improves the capital input,platform construction and innovation output of technological innovation,and has an optimization effect on strategic execution,talent construction and internal control of corporate governance.Influenced by the industry downturn and scheme design,the overall performance of the equity incentive plan in the first phase is better than that in the later phase,which has a positive effect on the short-term and long-term performance of the group.The operating ability,profitability and growth ability have been improved,and the enterprise value and brand influence have been increased to some extent.The incentive plan has insufficient incentive,comprehensiveness and supervision in index setting and mechanism,and should further supplement non-financial performance indicators and supervision mechanism to strengthen the incentive effect. |
