Study On Baosteel Executives Restricted Stock Implementation In Its Mixed Ownership Reformation

Along with the deep reformation of state-owned enterprise mixed ownership, To boost the reform of state-owned enterprises by what method, how to enhance the management efficiency of state-owned enterprises and to establish a leading position in the industry by what method, both academic and enterprises are deeply thinking about these fundamental problems.The introduction of incentive mechanism provides the possibility to solve these problems, and it is also expected to stimulate new vitality of enterprise management personnel.Talent is the soul of an enterprise, is the source of enterprise development, and how to motivate the potential of the senior management of the enterprise, has become a fundamental problem to solve the power of enterprise development.Therefore, the problem of executives’ compensation has become a important leverage in the essence of the enterprise management, it should also attracted wide attention from scholars around the world. In order to provide empirical evidence for implementing equity incentive in the mixed ownership reformation of the state-owned enterprises, this paper based on the theory of property rights theory, principal-agent theory, analyzing Baosteel how to carry out restricted stock incentive in the mixed ownership reformation and the effect and discovering the problems and reasons in the process of implementing.First of all, this article reviews and summarizes the reform of the state-owned enterprises and domestic and foreign research on the relationship between limited stock and corporate performance; Secondly, it defines the important concepts :Executives,Restricted stock,and reorganizes the property rights theory, principal-agent theoryand incentive theory. Then it introduces basic situation of Baosteel and analyzes the necessity and feasibility of the restricted shares implementation. Then it dissects the project of restricted shares implementationand analyzes its effect and the problems in the implementation process. Finally, the studies of this paper are summarized:Baosteel executivesrestricted stockimplementation in its mixed ownership reformation has a certain positive effect on its performance, butpositive effects on the corporate performance are not obvious. In order to get rid of the existing problems, it gives some proposals from the internal adjustment and external environment.