Comparative Research On Incentive Effects Of Equity Incentive And Employee Stock Ownership Plan In Listed Companies

The report of the 20 th National Congress of the Communist Party of China pointed out that common prosperity is the essential requirement of socialism with Chinese characteristics,and proposed that the distribution system is the basic system to promote common prosperity.Equity incentive and employee stock ownership plan(ESOP)are more conducive to the participation of labor factors in income distribution,which is consistent with the connotation of common prosperity.At present,the implementation of equity incentive and ESOP in listed companies has gradually become "normalized." Both equity incentive and ESOP are equity incentive methods,their incentive effect on the performance and high-quality development of listed companies are worth studying.Firstly,on the basis of putting forward the research background,purpose and significance,reviewing the research status at home and abroad,and elaborating the research ideas,research contents,research methods and innovation points,this thesis clearly defines the concepts of equity incentive,ESOP,incentive effects and high-quality development,and introduces the relevant theories of equity incentive and ESOP.It lays the conceptual and theoretical foundation for this study.Secondly,this thesis uses empirical research method to quantitatively compare the incentive effects of equity incentive and ESOP from the perspectives of listed companies’ performance and high-quality development.The results show that:(1)The incentive effect of equity incentive on the performance of listed companies is better than that of ESOP.(2)The incentive effect of equity incentive on the high-quality development of listed companies is better than that of ESOP.(3)The ownership,industry attributes and policy validity period have different effects on the incentive effect of equity incentive and ESOP.(1)The incentive effect of equity incentive and ESOP in non-state-owned listed companies is more significant,and the incentive effect of ESOP is still weaker than that of equity incentive.(2)When listed companies belong to high-tech industries,it will have a significantly positive impact on the incentive effect of ESOP.The implementation of ESOP in listed companies in hightech industries has a significantly positive incentive effect on high-quality development,and the incentive effect is better than the incentive effect of equity incentive.(3)Longer policy validity period has a positive impact on the incentive effect of ESOP.In the case of longer policy validity period,the positive incentive effect of ESOP on high-quality development is better than that of equity incentive.Finally,this thesis analyzes the causes of the differences between the incentive effects of equity incentives and ESOP from the perspectives of incentive mechanism(essential cause),policy provisions(external cause)and implementation status(direct cause),and puts forward suggestions for policy choices and incentive effectiveness improvement of listed companies.There are two innovations in this thesis.Firstly,this thesis uses empirical research methods to conduct a comparative study on the incentive effects of equity incentive and ESOP from a quantitative perspective,and further analyzes the different impacts of the ownership,industry attributes and policy validity period on the incentive effects of equity incentive and ESOP,so as to compare the differences in incentive effects of the two policies more intuitively and accurately.Secondly,this thesis introduces high-quality development into the comparative study of equity incentive and ESOP,which increases the comparative dimension of the incentive effects of equity incentive and ESOP.