Research On The Financial Performance Of Share Incentive Plan Under The Background Of Mixed Ownership Reform

With the deepening of mixed ownership reform of state-owned enterprises,equity incentive plan have entered state-owned enterprises,and whether they can play an effective role in mixed ownership reform and promote the strategic development of enterprises has become a topic worthy of study.Starting from the background of mixed ownership reform,focusing on the impact of equity incentive on financial performance,through literature analysis,comparative study and case analysis,this paper chooses Hikvision,a representative high-tech state-owned enterprise,as the case study object,which has carried out five equity incentives since its formal listing in 2010.It can provide enough data support for the research focus of the article.Its performance in the mixed ownership reform has also been named and praised by the SASAC of the State Council for many times.Therefore,the study of the impact of equity incentive on Hikvision provides positive theoretical and practical significance for the use and promotion of equity incentive under the background of mixed ownership reform.Firstly,this paper defines the equity incentive under the background of mixed ownership reform,analyzes its development status and specific operation mode in China,and analyzes its mechanism from the perspectives of corporate governance structure and the behavior change of the incentive object;Secondly,the path of equity incentive affecting financial performance is divided into three stages of researching,production and selling,and then its impact on financial performance is explained from financial indicators and non-financial indicators,and the possible positive and negative effects are summarized.It also puts forward the existing problems and suggestions for improvement from the aspects of time limit,effect,object and the whole;Thirdly,this paper starts with Hikvision’s five equity incentive schemes,combines with the changes of financial indicators at several important time points and time periods of equity incentive schemes,carries out quantitative analysis of the company’s financial performance,selects R&D capabilities,staff teams and market share for analysis,and selects four comparable companies to compare their relevant financial data with Hikvision.Finally,combined with the problems of equity incentive under the background of mixed ownership reform,this paper summarizes and puts forward the enlightenment of equity incentive for state-owned high-tech enterprises.This paper finds that firstly,the implementation of equity incentive in enterprises under the background of mixed ownership reform can achieve the purpose of mixed ownership reform,optimize the ownership structure of enterprises and increase the vitality of enterprises.Second,equity incentive under the background of mixed ownership reform can effectively improve the financial performance of enterprises,after the implementation of equity incentive,Hikvision’s profitability,debt repayment and operational capacity have been greatly improved,at the same time,R&D capacity and staff structure have also been improved and improved;Third,Hikvision’s equity incentive has reference significance for state-owned high-tech enterprises.