Research On The Implementation Effect And Optimization Of Equity Incentive Scheme Of Yanggu Huatai Restricted Stock

Since the 1990s,equity incentive system has gradually developed in China.Since then,it has been widely used in domestic enterprises through the regulatory constraints of relevant policies,the improvement of market environment and the continuous attempts of domestic enterprises.On the issue of the effect of equity incentive system,scholars at home and abroad have different conclusions,but most scholars agree with the incentive effect of this system.Among many equity incentive modes,restricted stock is gradually favored by domestic listed companies,especially GEM companies,due to its symmetry of rights and obligations,incentive and punishment.Based on the principal-agent theory,human capital theory and two factor theory,this paper takes Yanggu Huatai as a case enterprise.Firstly,by using the literature research method and reading a lot of relevant literature at home and abroad,it focuses on the three directions of equity incentive motivation,equity incentive scheme design,and the relationship between equity incentive and business performance,This paper summarizes the previous research on equity incentive system by scholars at home and abroad,and expounds the equity incentive mode of restricted stock from the perspective of six elements.Secondly,using the case analysis method,combined with the SWOT analysis method and the basic situation of Yanggu Huatai,this paper deeply analyzes the motivation of Yanggu Huatai’s implementation of restricted stock equity incentive plan and the implementation process of two phases of restricted stock equity incentive plan.Finally,the paper uses the comparative analysis method to find the relevant data of Yanggu Huatai from 2016 to 2020 through the enterprise announcement,and uses the financial indicators to analyze its debt paying ability,profitability,development ability and operation ability before and after the implementation of the restricted stock equity incentive plan,This paper uses non-financial indicators to analyze the talent mobility,R&D innovation ability and management investment behavior before and after the implementation of the restricted stock equity incentive plan,and then explores the implementation effect of Yanggu Huatai after the implementation of the restricted stock equity incentive plan,And summarizes the Yanggu Huatai in the implementation of restricted stock equity incentive plan in the process of effectiveness and shortcomings,and finally puts forward targeted optimization scheme and safeguard measures for its shortcomings,in order to Yanggu Huatai follow-up implementation of restricted stock equity incentive scheme has reference significance.The research results show that the restricted stock equity incentive scheme implemented by Yanggu Huatai can improve the financial performance and non-financial performance of the enterprise to varying degrees,and has a more significant incentive effect on the enterprise itself,which is helpful to improve the talent team construction of the enterprise,improve the overall value of the enterprise,and realize the long-term development goal of the enterprise.