| Incentive is an important part of human resource management.Equity incentive,as a modern incentive tool,has been widely used in the capital market and has become a key means for listed companies to attract and retain talents.State enterprises are the main pillar of our socialist market economy.The report of the 20 th National Congress of the Communist Party of China pointed out that we should "deepen the reform of state assets and state-owned enterprises,accelerate the optimization of the layout and structural adjustment of the state-owned economy,promote state-owned capital and state-owned enterprises to become stronger,better and bigger,and enhance the core competitiveness of enterprises".The topic of reform and development of state-owned enterprises became a hot topic again.However,in reality,due to the background of equity incentive performance-based exercise,for state-owned enterprises with highly concentrated equity,equity incentive has become a means for management to obtain personal interests in some cases.On the other hand,state-owned enterprises often give high decision-making weight to consistency,and refer to the incentive schemes of other enterprises to a large extent.The factors considered are not complete,and the incentive effect is uneven.GC Company,as the leading state-owned enterprise in Chinese automobile industry,has implemented three equity incentive plans since its listing,which has a strong representation.This paper selects GC company as the research object,firstly summarizes and reviews the existing research and theoretical basis of equity incentive at home and abroad,clarifies the basic connotation and constituent elements of equity incentive,and then summarizes the institutional background and practical status of equity incentive of listed companies in China’s A-share market.On this basis,the paper makes an in-depth analysis of the contents of the third-stage equity incentive plan of GC company,and studies the influence of equity incentive on the company’s operating ability,profitability,growth ability and debt paying ability,as well as its effect on non-financial performance such as executive management team,employee mobility,R&D and innovation through horizontal and vertical comparison methods.Further analyze the market reaction of equity incentive with the help of event study and judge the real effect from the perspective of investors.It is found that the overall effect of equity incentive in GC company is good,and the effect of incentive in the first stage is the most obvious,which has a certain effect on the financial and non-financial performance of the company.However,in the process of program design and implementation,there are some problems,such as imperfect evaluation index,unitary incentive mode,opaque incentive information and incomplete exercise supervision.Finally,based on the actual situation of GC company and the overall status quo of equity incentive of Chinese listed companies,this paper puts forward four optimization principles of compliance,feasibility,effectiveness and sustainability,and puts forward specific countermeasures for GC company’s existing problems in turn,as well as safeguard measures in process design,human and financial security,compliance risk control and feedback disclosure. |
