Comparative Study On Motivation And Effect Of Shenzhen Gas Equity Incentive Model Selection

The reform of mixed ownership is in full swing.Relevant departments have successively formulated a series of policies,which provide all-round guidance for the reform of state-owned enterprises and inject new vitality.The introduction of the three-year action plan for the reform of state-owned enterprises(2020-2022)marks that the mixed reform of state-owned enterprises has entered the "fast lane".In order to achieve the goal of mixed reform,more and more state-owned enterprises implement equity incentive.However,the mixed reform of state-owned enterprises and equity incentive in China have the characteristics of strong professionalism,wide involvement and great resistance.At present,there are few state-owned enterprises that really successfully use equity incentive to promote the mixed reform,and the experience that can be used for reference is also insufficient.Therefore,how should the state-owned enterprises of mixed reform choose the appropriate incentive mode in combination with their own reality when formulating the equity incentive scheme? Is there any difference in the actual effect of different incentive models? What are the reasons for the differences? How to make the equity incentive scheme more scientific and reasonable? These problems need further discussion and verification.First of all,the paper collects the related literature,determines the content,methods,combs research ideas,finds the theoretical basis of this paper,and summarizes the mechanism of equity incentive effect.Secondly,it briefly introduces the general situation of Shenzhen gas,the course of mixed ownership reform and the implementation of equity incentive,and discusses the motivation of Shenzhen gas stock option and restricted stock incentive respectively.Again from four aspects of comparative study of the effect of equity incentive,including market reaction,corporate governance,business performance,innovation ability.Finally,according to the deficiency of Shenzhen gas two-phase equity incentive plan,this paper puts forward some suggestions for other state-owned enterprises to learn from.This paper draws the following conclusions: in terms of the motivation of mode selection,the first phase of equity incentive of Shenzhen Gas selects the stock option mode based on the motivation of reducing the pressure of cash flow,expanding the scale and eliminating the doubts of incentive objects;The second phase of equity incentive selects the restricted stock model,which is based on the motivation to attract and retain management talents,promote sustainable development and improve innovation ability.The research on the effect of equity incentive: first,in terms of market response,the short-term market response of the first phase of stock option incentive is relatively positive,and the number of institutional investors has increased significantly;The short-term positive market reaction of phase II restricted stocks is limited,and the increase in the number of institutional investors is not obvious.Second,in terms of corporate governance,the first phase of stock option incentive mainly reduces the second type of agency cost,has no obvious effect on the first type of agency cost,and fails to improve the degree of equity check and balance.The second phase of restricted stocks can significantly reduce the agency costs of both types,and the degree of equity checks and balances is also improved.Third,in terms of operating performance,the implementation of the two-phase equity incentive of Shenzhen gas has promoted the overall improvement of operating performance within a certain period of time,but the incentive effect of restricted stock incentive on long-term development ability is better;Fourth,in terms of innovation ability,the stock option incentive that includes the core technical staff into the incentive scope has a better effect on the improvement of innovation ability,and the restricted stock has a more obvious effect on attracting and retaining talents.Based on this,this paper puts forward the following suggestions: first,based on the actual demand,reasonably select the incentive mode;Second,diversified assessment indicators to avoid short-sighted behavior;Third,broaden the scope of incentives and optimize the incentive structure.