| Equity incentive is an incentive way to solve the interest conflict between enterprise owners and managers after the separation of ownership and management.It affects the performance of the company by affecting the business behavior of the incentive object.At present,China’s equity incentive has a history of more than ten years,and the number of listed companies using equity incentive is also growing rapidly.However,when assessing the effectiveness of equity capital incentives,the main focus is on financial performance.Equity incentive is usually used for the investment level of enterprises first.Investment decisions are essential to improve business efficiency and promote long-term sustainability,and then affects the financial performance of enterprises.Therefore,this thesis objectively try to make valuation of the impact of ZTE equity incentive implementation on investment performance,and supplements the current incentive effect evaluation,in order to provide some design ideas for the follow-up equity incentive plan of domestic listed companies and give full play to the effect.Firstly,this thesis systematically combs the domestic and foreign research literature on equity incentive and enterprise investment efficiency,and summarizes the theoretical basis of this thesis;Secondly,applying relevant theories,this thesis expounds the mechanism of the impact of equity incentive on enterprise investment efficiency,and selects investment volume,R & D investment intensity,Tobin Q,increased capital output rate,investment benefit coefficient,return on net assets,economic added value The evaluation system of investment efficiency is constructed by 15 relevant indicators such as the rate of return on economic added value.Then it summarizes the equity incentive schemes of ZTE in each period,and makes a vertical and horizontal comparative analysis on the consequences of introducing equity incentives and subsequently using analytical methods,using the relevant financial data of ZTE from 2006 to 2020 and combined with the actual situation of the industry.Further using the analytic hierarchy method,the indicators are weighted into a comprehensive evaluation system,and the changes in the investment efficiency of ZTE before and after the implementation of equity incentives are studied.It is found that ZTE has a wide range of equity incentive objects and maintains the continuity of incentive;After the implementation of equity incentive,interests and fundamental foundations of the company’s senior management are generally consistent with the interests of the company,Build communities of interest so that they can work more effectively,so they are more efficient in making investment decisions.On this basis,it reveals the problems existing in the implementation of equity incentive by ZTE,and puts forward countermeasures and suggestions to improve the implementation effect of equity incentive and play a better role in promoting equity. |
