| As a long-term incentive mechanism that can alleviate the contradiction between owners and managers caused by the principal-agent relationship to a certain extent,equity incentive is widely used in companies in various industries at home and abroad.Equity incentive ensures that the company’s personal interests are consistent with the company’s interests by making the company’s management become the company’s shareholders,so as to reduce the risk caused by the principal-agent problem,which is beneficial to the company’s long-term development.After research,the theory and practice of equity incentive have made great progress.More and more enterprises regard it as a strategic measure that can solve the problem of corporate governance.Based on this,it is of great practical significance to study the implementation and effect of the equity incentive of Shiyuan shares.Taking the equity incentive plans of Shiyuan shares in 2017 and 2018 as examples,this paper conducts a detailed study on the implementation effects of the two equity incentives of Shiyuan shares from multiple perspectives through the methods of literature research,case study and event research,and obtains corresponding enlightenment,in order to provide some reference for Shiyuan shares and other companies in the same industry to implement equity incentive in the future.Firstly,the article makes a vertical and horizontal analysis of the financial performance before and after the two equity incentives of Shiyuan shares;Then it analyzes the changes of the company’s innovation ability,human capital and product competitiveness;Finally,the change of short-term market reaction is analyzed.The study found that after the implementation of the equity incentive plan,Shiyuan shares improved the profitability and solvency of the company to a great extent;The improvement of the company’s operating capacity is weak,and the effect is not significant;The growth ability of the company is more seriously affected by the economic environment.Among them,the second equity incentive has more obvious incentive effect on the company’s profitability;The two equity incentives have the same incentive effect on the company’s solvency.According to the changes in R &D investment,the number of R &D personnel and the number of patents,equity incentive has a positive impact on the innovation ability of vision shares.It can be seen from the changes of employees’ education level and technical personnel that equity incentive has attracted a large number of high-quality talents,and the educational level of the company’s employees has increased significantly;However,there is a lack of attraction for technical talents.The product competitiveness of Shiyuan shares has also been maintained at a high level.From the short-term market response,the equity incentive of Shiyuan shares in2017 did not bring any positive effects to the company;The equity incentive in 2018 brought a significant positive response to Shiyuan shares. |
