| Since the beginning of 2009, the Ministry of Finance issued a series of policies about the compensation regulation of state-owned enterprises, and this behavior has focused the public attention. The promulgation of the policy can suppress the role of compensation.However, new problems appeared.The incentive is obviously insufficient because of long-term suppression of salary in state-owned enterprises under the system of business management,so it reduces the enthusiasm of the management layer. Therefore, how to achieve the balance between the compensation regulation and incentive, so as to promote the sustained and healthy development of the state-owned enterprises, has become an urgent problem to be solved. This one, the equity incentive is paid more attention by many scholars as a mainstream way of incentive. However, because the equity incentive theory research in our country is insufficient,and we can’t take it and national conditions and the actual operation of the enterprise together well in practice, therefore it can not reach its incentive effect from the current situation. Above all, the implementation of equity incentive in the state-owned enterprises sparked intense discussion,and it has become a hot social issue of discussion and research.We used case analysis, comparative analysis and system analysis and other research methods,we explored in-depth combining with the actual case based on the analysis of the present situation of equity incentive implementation under the background of compensation control in state-owned enterprises, then we research the influence of the implementation of equity incentive of state-owned enterprises under the compensation control through the analysis of the two equity incentive plans of LZ company.In the end we put forward effective inspiration and advice aiming at the existing problems.The first chapter is the introduction, it mainly elaborated the background of topic selection, research significance, research ideas and research methods, research framework and innovations,and the literaturereview.The second chapter is about the analysis of theory related to compensation control of enterprise and equity incentive, we mainly aspected from three sides as the concept, theoretical basis, and the evaluation.The third chapter find out equity incentive problems in our country state-owned enterprise according to the analysis of the present situation of equity incentive implementation under the background of compensation control in state-owned enterprises combined with the feasibility analysis,including the unique complexity of the compensation of state-owned enterprise,the institutional dilemma of compensation control in istate-owned enterprises,and incentive arrangement of state-owned enterprises etc.The fourth chapter discussed more specific and in-depth combined with LZ company’s case, and we analyzed the economic consequences of equity incentive under compensation control comparing with the two equity incentive schemes published in 2006 and 2010.According to the comparison of three companies as LZ company, wu liang ye and gui zhou mao tai, we can find that the implementation of the equity incentive scheme played only a short-term incentive effect, did not achieve the result of long-term incentive.The fifth chapter mainly put forward how to design a reasonable equity incentive plan, which covers the specification design the content of the shareholding system, perfecting the corporate governance structure, perfecting manager market, improving the effectiveness of the capital market, etc based on the research of LZ company case.The last chapter mainly elaborated the research conclusion. it summarized the shortcomings and future direction, and put forward policy Suggestions: first, to improve the company governance structure, strengthen the construction of macro management environment; on the other hand, to improve the arrangemen of compensation control in the state-owned enterprise. |
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