| In 2014,the State Council issued the "New State Nine Articles",marking that the market value management of listed companies in China has stepped into the stage of comprehensive institutionalization and standardization.The pursuit of enterprise value maximization and the establishment of the management concept centered on market value management have been gradually accepted by listed companies in China.Market capitalization has become A key index to evaluate the capital market performance of A-share listed companies,and has gradually become the management goal and important strategic orientation of listed companies.In practice,equity incentive has been gradually brought into the market value management system.Through the statistics and analysis of the implementation of equity incentive in China’s A-share listed companies,it is found that the implementation of equity incentive plan is becoming more and more normal,as more and more listed companies implement multi-period equity incentive,in which the restricted stock incentive accounts for more than half,and the proportion is still rising.Therefore,it is of great significance to study the influence of restricted stock incentive on market value management.Firstly,this paper theoretically analyzes the relationship between restricted stock incentive and market value management.Restricted stock incentive has the dual attributes of explicit performance assessment and implicit market value assessment,which makes it become one of the effective means of market value management of listed companies.Secondly,from two aspects of value creation and value realization,this paper analyzes in detail the specific ways that restricted stock incentive has an impact on market value management.Then,using the single case study method to analyze,Hikvision has successfully implemented restricted stock incentives for three times since its listing,which,on the whole,has produced a good effect on market value management,and the final capital market performance is excellent.There are some differences between the three designs of restricted stock schemes of Hikvision.Through the analysis of the effect of market value management,the main design points of restricted stock incentive schemes under market value management are obtained.Through the study of this article,the following conclusions:First,Hikvision three successful implementation of the restricted stock incentive,on the one hand,can be in the product market to help companies improve business performance,enhance intrinsic value creation ability,on the other hand can also help to transfer the value of company information is more comprehensive,makes the weak type of effective market in China as far as possible to understand and reflect the company’s intrinsic value,enhancing market value management,the good market value.Second,through to the Hikvision restricted stock incentive scheme contrast research,analysis summed up the following restricted stock incentive design key points:market value under the management of restricted stock plan design,incentive object,incentive object more focusing on the core backbone employees contribute to the creation of the enterprise internal value,and pay attention to the executive incentives,such as chairman secretary,help to promote the intrinsic value of the company in the capital market transmission;In terms of incentive amount,increasing incentive intensity is conducive to maintaining talent stability in a better way when there is no risk of control transfer.In terms of assessment indicators,EVA indicator is more suitable to measure the level of intrinsic value creation compared with traditional performance indicators and motivate operators to improve the efficiency of intrinsic value creation. |
