Research On The Implementation Effect Of The Multi-period Equity Incentive Plan Of Y Company

As a management tool that is conducive to mobilizing employees’ enthusiasm and improving the overall efficiency of the company,equity incentive can unify the interests of employees and the company and effectively avoid the conflict of interests between them.Since 2005,after the promulgation of the "Measures for the Administration of Equity Incentives of Listed Companies(for Trial Implementation)" by the Securities Regulatory Commission,China’s equity incentive has been applied to the society in a large number,but a series of problems have been exposed in the process of practice,so it is necessary to conduct more in-depth research on equity incentive and improve it continuously.This thesis selects company Y in the women’s apparel industry as the research object,which has already launched four phases of equity incentive,and is one of the few companies that have implemented multiple phases of equity incentive program in China.This thesis mainly focuses on the following aspects: firstly,it introduces the background and significance of the study,and composes the design,motivation and implementation effect of the equity incentive program through the relevant research literature,and elaborates the relevant theories to lay the theoretical foundation for the subsequent study;then,it elaborates on the relevant situation of the implementation of equity incentive program in women’s apparel industry and the actual situation of Y’s multi-phase equity incentive program,and analyzes the motivation,motivation and implementation effect of Y’s multi-phase equity incentive program.After that,we analyze the motivation,design and completion of the multi-period equity incentive program of Company Y.Again,we deduce the path to study the effect of multi-period equity incentive program through the previous literature,and determine the effect of multi-period equity incentive program from two perspectives of financial performance and non-financial performance.Finally,we conclude the thesis with a summary and an outlook.The significance of this thesis is as follows: on the one hand,there are few studies on the implementation effect of multi-period equity incentive in China,so this thesis can enrich the understanding of the implementation effect of multi-period equity incentive,which has certain theoretical significance;on the other hand,as a representative of listed companies in the women’s apparel industry,by exploring the implementation effect of its multi-period equity incentive program,it can provide some reference for other companies in the women’s apparel industry to carry out their On the other hand,as a representative of listed companies in the women’s apparel industry,Company Y can provide some reference for other companies in the women’s apparel industry to carry out equity incentive programs.The conclusions of this thesis are as follows:(1)In terms of financial performance,the multi-period equity incentive program has a positive effect on solvency,and also benefits profitability in the short term,but has a certain hindering effect on operating capacity and development capacity,and has a positive effect on overall financial performance;(2)In terms of non-financial performance,the multi-period equity incentive program has a weak effect on short-term capital market,and has a positive effect on some parts of sales activities,promotes some parts of sales activities and has a fluctuating effect on other parts,and has a significant positive effect on the R&D input and output stages of R&D activities;(3)From the overall situation,the multi-period equity incentive plan has a positive effect on the company in many aspects and has a certainly positive effect on the company’s development as a whole;(4)The multi-period equity incentive plan has certain shortcomings and needs to be improved according to the shortcomings.