| During deepening the reformation of state-owned enterprises,equity incentives are an important means of reform.The state has repeatedly provided systematic and comprehensive policy guidance and practical guidelines for equity incentives of statecontrolled listed companies,and promoted the continuous development,improvement and wide application of equity incentive models.Among many equity incentive methods,the restricted stock model based on performance is widely used in China.On the basis of summarizing the current status of domestic equity incentives,especially restricted stock practices,the study selects a representative Baosight Software Co.,Ltd.,and uses its two restricted stock incentive plans in 2017 and 2020.As the research object,using the method of case study,we made a multi-dimensional analysis in terms of short-term market effects,long-term financial performance and other non-financial impacts.And use the analytic hierarchy process to construct a comprehensive evaluation system to make a comprehensive quantitative evaluation of the effect of the restricted stock incentive plan implemented in Baosight Software.The analysis results show that the market has a positive attitude towards Baosight Software’s launch of restricted stocks.The implementation of the restricted stock incentive plan has promoted Baosight Software’s long-term financial performance growth,increased emphasis on innovation capabilities,improved talent retention and attraction,and increased investment efficiency and reduce the company’s internal management costs.On the whole,Baosight Software’s restricted stock incentive plan has been implemented effectively.Through analysis,this article suggests that Baosight Software should select more targeted assessment indicators based on industry characteristics and company specific conditions when designing restricted stock plans in the future,appropriately increase the target value of assessment indicators and extend the validity period of the plan appropriately.In the future,the company may consider adopting the repurchase method to implement restricted stock plans to avoid the dilution of equity caused by the issuance of new shares.The comprehensive quantitative performance evaluation,experience summaries and improvement suggestions of the thesis are conducive to optimizing and perfecting the application of restricted stocks in future practice,solving practical problems more effectively,and enhancing the core competitiveness of statecontrolled listed companies. |
