| As a forward-looking industrial field that the state focuses on,high-tech industries have gradually become the key to economic development in recent years,and in order to further build a scientific and technological innovation society,the state has promulgated a policy bill that provides a solid foundation for the development of high-tech enterprises.In the face of increasingly fierce industry competition,high-tech enterprises must continuously enhance their core competitiveness to ensure the stability of their market share,thereby providing impetus for the long-term development of the enterprise itself.In order to standardize the equity incentive policies of listed companies,China has successively promulgated relevant documents such as the Measures for the Administration of Equity Incentives of Listed Companies,the Trial Measures for the Implementation of Equity Incentives by State-Controlled Listed Companies,and the Accounting Standards for Business Enterprises-Share Payment.These policies and documents have pushed the development of China’s equity incentive system to a new height,and also provided a new development path for high-tech enterprises.More and more scholars have carried out in-depth research on the impact of equity incentives on corporate performance from the theoretical and practical levels.Through the literature research method,this paper sorts out the relevant literature on equity incentives at home and abroad,and on this basis,Guoxuan Hi-Tech Company is used as a case study to study the relationship between the behavior of equity incentives and financial performance in its three equity incentive plans.This paper first explains the specific impact of the implementation of the Equity Incentive Program of Guoxuan Hi-Tech through the analysis of specific financial indicators,and then better analyzes the impact of the implementation of equity incentives on the operation of enterprises by comparing with the financial indicators of other companies in the same industry;secondly,comprehensively judges the impact of equity incentives on enterprises by calculating the COMPANY’s EVA from 2015 to 2020;and finally,according to the above analysis,comprehensively clarifies the actual impact of equity incentives on the financial performance of enterprises.It also clearly pointed out the problems existing in the implementation of equity incentives at the current stage of Guoxuan Hi-Tech,as well as the reasons for them,and put forward countermeasures and suggestions on this basis.Through research,it is found that Guoxuan Hi-Tech’s equity incentives have not significantly improved the financial performance of the company,and some unreasonable exercise conditions will have a negative impact on the financial performance of the company.In addition,the unreasonable setting of incentive objects will not only fail to improve the enthusiasm of employees,but also increase the agency cost of enterprises and affect the long-term development of enterprises.However,on the other hand,the equity incentive system implemented by Guoxuan Hi-Tech is directly proportional to the company’s innovation and research and development capabilities,and the company’s internal talent structure has been fully optimized during the implementation of the equity incentive system.Therefore,this paper puts forward countermeasures and suggestions from the three aspects of multi-dimensional equity incentive personnel,diversification of incentive indicators,and diversification of incentive forms,hoping that the research in this paper can provide an effective reference for the later equity incentive scheme of enterprises,and play a certain reference role in the development of other peer enterprises. |
