Research On The Optimization Of Equity Incentive Scheme Of State-owned Listed Companies Under The Background Of Mixed Ownership Reform

With the continuous advancement of the mixed ownership reform of state-owned enterprises,especially after the Third Plenary Session of the 18 th CPC Central Committee,equity incentive has become one of the most frequently used means.In this context,how to design and promote the equity incentive program has a huge research significance and space.Shanxi Fenjiu disclosed the restricted stock incentive plan on December 14,2018.At the time of writing this article,the three-year shareholding incentive plan is about to expire.This paper selects Shanxi Fenjiu as a research case,to conduct an empirical analysis on the incentive effect of the equity incentive plan under the mixed ownership reform.First of all,by measuring the traditional solvency,profitability,operating ability and development ability of the company,the paper analyzes the financial impact on Shanxi Fenjiu’s equity incentives.It can be seen that the company’s profitability has increased significantly.The growth rate of earnings per share is more than 50%;the asset management efficiency is better than the industry,and the management of accounts receivable is greatly improved,but there are still problems in inventory management;under the circumstance that the development of the industry fluctuates and declines,the overall performance of Shanxi Fenjiu Stable,showing a trend of contrarian growth;but the performance of debt solvency relative to the industry is poor.Then,the paper uses the event research method to analyze the short-term market effect,and finds that the excess rate of return during the event window period fluctuates widely,and the cumulative excess rate of return reaches a maximum of 20.15% on the fourth trading day,indicating that the market responds quickly and is optimistic about this item.plan.Long-term performance analysis through market value(including Tobin’s Q)and economic added value shows a good growth trend after the release of the incentive plan.Finally,by selecting some representative non-financial indicators,we further analyze the impact of the equity incentive plan on the enterprise in the subdivision dimensions such as human resources and innovation ability.According to the data,after Shanxi Fenjiu announced the equity incentive plan,the educational level of the company’s employees has been further improved,the talent structure has been improved,and the turnover of executives has also eased.In summary,the announcement and implementation of the equity incentive plan brings many beneficial effects to the company in terms of short-term and long-term performance.Combined with the experience and enlightenment of Shanxi Fenjiu case,the paper deeply studied the existing problems and the next improvement direction.Proposed optimization suggestions from five perspectives: strengthening liquidity management,optimizing financing structure,strengthening the top-level design of incentive mechanism,expanding diversified funding sources,and promoting the practice and management of equity incentive plan under the mixed reform.These measures provide a reference for the reform of state-owned enterprises.