Study On The Effect Of The Implementation Of Equity Incentive Plan And ZGHC

Equity incentive as a long-term incentive system, has been widely used in western developed countries, and there is a rich base of theory and practice. In theory, principal-agent theory, property rights theory, human capital theory, incentive theory as the base. In equity incentive the kinds of models, there are many, in recent years the practice of other countries, restricted stock and stock options, virtual stock options, stock appreciation rights, employee stock ownership plans a variety of equity incentive model. These models not only consider the dual functions of incentive and restraint, but also take into account the cost, tax, cash flow and management issues and external internal regulatory environment, and other comprehensive factors. Show a certain degree of adaptability under certain conditions, and had a positive effect for the development of enterprises. And in research and practice, foreign as the equity incentive theory research earlier, practice model is also more mature, to the enterprise incentive effect is more ideal, especially large high-tech companies, equity incentive has become a necessary means, and plays an important role in retain core talent.In the study of equity incentive, whether domestic or foreign, most scholars hold such a view:equity incentive for corporate performance to the positive role, is conducive to enhancing the competitiveness of enterprises, promote the stable development of the enterprise. It should be explained that this research is based on this viewpoint.As in recent years, China’s state-owned enterprise reform prologue opening, the reform of ownership structure has increasingly become the priority of the reform of state-owned enterprises. This is not only related to the state-owned enterprise performance, but also related to the value of China’s state-owned assets and the value of the problem. But the state-owned enterprises due to the system characteristics and other reasons, in the process of implementation of the equity incentive, met a lot of obstacles, including governance mechanism is not clear, incentive means single, capital market policy gaps, communication mechanism unreasonable and so on. How to improve the state-owned enterprises equity incentive has become an important subject in the reform of state-owned enterprises.Currently in the state-owned enterprise of our country implementation of equity incentive of enterprises is still in the minority, and most are concentrated in the private enterprises, and ZGHC as a design institute by the restructuring of light industry enterprises,, and in the construction industry full of competition, which in the state-owned enterprises is quite rare.ZGHC is a stock option incentive model. Designed a more reasonable equity incentive program, to a certain extent, to solve some of the problems faced by China’s sea, and promote the steady development of enterprises in the future. From the overall perspective of China’s equity incentive is still very meaningful. But still faces policy insurmountable red line, insufficient incentive effect, communication lack of timeliness and need further improvement. To make state-owned enterprises equity incentive to truly become an important step in the reform of state-owned enterprises. The author believes that the need to improve the governance structure of state-owned enterprises, rich incentives, set a more reasonable assessment standards to improve.