The Analysis And Research On The Equity Incentive Scheme Of Luzhoulaojiao

Equity incentive as a kind of new incentives, it can reduce the agent cost produced by the separation of operation right and ownership. But, because the equity incentive itself has two sides, if the design is reasonable and effective use, it can arouse the enthusiasm of managers to create value for enterprises and play incentive effect; On the contrary, which will produce moral hazard, induce managers by earnings manipulation performance improvement to meet the authorization, exercise and unlock the conditions to realize their own interests, which have a negative impact to the enterprise. Luzhou laojiao(a kind of daqu liquor)Co., Ltd., is a large state-owned listed companies with a history of hundreds of years wine, for the first time in 2006 the implementation of equity incentive, because it doesn’t meet the relevant provisions of the policy of the new law was forced to terminate, after 5 years, luzhou laojiao(a kind of daqu liquor)in2010 to promote a new round of equity incentive plan, the purpose is to improve enterprise performance and enhance competitiveness, but because of the flaws of the plan itself, the effect is not expected to be as smooth, after the implementation of performance is below the industry level, and is right in line management to achieve the target profit manipulation. The emergence of these problems may cause of luzhou laojiao(a kind of daqu liquor) equity incentive plan implementation process of thinking.This paper is based on the principal-agent theory, incentive theory and human capital theory, focusing on luzhou laojiao, study its equity incentive plan, the fist This paper introduce luzhou aged pit equity incentive plan. Then on the design itself exists unreasonable place carries on reason analysis, draw enlightenment about equity incentive plan design and the use in the future to perfect the equity incentive efficiency advice, finally through the analysis of luzhou aged pit case positioning the plight of the state-owned listed company equity incentive exists, and provides policy Suggestions to improve the equity incentive problems. The article is composed of five parts:The first part: the introduction part. Elaborated the research background and research meaning,summarizes achievements of research in the field of domestic and foreign relevant specific research objectives, research contents and research methods.The second part: Introduction of equity incentive and the related concepts and theories of earnings management. From The equity incentive, the relationship between equity incentives and earnings management’s aspects of related theory to carding and literature summary. For the following case analysis lay the foundation.The third part: case description. Introduce the basic situation of luzhou laojiao(a kind of daqu liquor) enterprise first, and then describe the luzhou aged pit the development of the equity incentive plan, finally introduced the existing equity incentive related content.The fourth part: case analysis. To luzhou aged pit first analysis the background of the implementation of equity incentive, then emphasis through performance comparison with the industry practice effect is not obvious, at the same time is right in line managers to achieve conditions and signs of manipulation profit both validate luzhou aged pit design did not reach incentive equity incentive effect, butis disguised as means of management to seek benefits, finally points out that the design defects, an analysis of the causes and the existing problems, and put forward policy Suggestions to perfect the equity incentive.The fifth part: conclusion and prospect. According to the above analysis and study of theory and case, the relevant conclusions, at the same time for subsequent further research direction was discussed.