| "Since the 13 th Five-Year Plan,China has revised a series of corporate governance laws and regulations and institutional norms,such as the Company Law and the Code of Governance for Listed Companies,to improve the modern corporate system.In this context,some enterprises have tried out equity incentives and achieved results,and equity incentives have gradually become the preferred way of company incentives.However,the effect of equity incentive in practice is not always ideal,and there are cases of poor effect,especially the equity incentive programs of the same enterprise in different periods show different effects,which is confusing.Therefore,scholars question the influence between program design and purpose and equity incentive effect,and study the elements,motivation and implementation effect of equity incentive programs to objectively promote the progress of corporate governance methods and improve the equity incentive system.Based on the above background,this paper conducts a study on the development and operation of Dahua,a leading company in the security industry,since its listing,in order to investigate the relationship between the elements of the equity incentive program,the motivation of implementation and the effect of implementation.First of all,the paper compares the domestic and foreign literature on the motivation,implementation effect and influence factors of equity incentive implementation,and finds that most scholars analyze through empirical methods,but less through case studies to judge the motivation of individual company’s equity incentive implementation and its effect,at the same time,the general conclusions based on empirical research may not be applicable to security companies,and in the few case studies,the scholars selected In the few case studies,the time span of the case companies available for research is short and the number of incentive programs is small,making it difficult to analyze the impact of different backgrounds and programs,thus organizing the research structure of this article.Based on the principal-agent theory,two-factor incentive theory and human capital theory,the article uses the case study method to select Dahua as the case study object and analyze the motivation of its implementation from the design elements of the equity incentive program;using the comparative analysis method and multivariate statistical analysis method,it analyzes the changes of Dahua’s business development before and after the implementation of the equity incentive program from the market response,financial perspective,non-financial perspective,economic value added,enterprise value and comprehensive index perspective.The study also analyzed the changes in the business development of Dahua before and after the implementation of equity incentive,compared the effect of the implementation of equity incentive and drew conclusions.Finally,based on the shortcomings found in the study,suggestions for improvement are made,and insights that may be of reference value for the enterprises themselves and other enterprises in formulating programs are summarized through the cases. |
