Case Analysis Of Restricted Stock About Design And Incentive Effect On Joyoung

Equity incentive system is the western countries that is an effective contract arrangement to solve the agent problem between shareholders and managers,and since the beginning of twenty-first Century the introduction of Chinese equity incentive system,it is endowed with "promote the diversification of ownership structure,improve the level of corporate governance,an important mission to stimulate the management enthusiasm and vitality of listed companies".Considering the Chinese special institutional background,in terms of resources and status are in a relatively weak private enterprises need a long-term incentive equity incentive mechanism to attract talents and enhance the competitiveness of enterprises,but in practice,in order to Joyoung shares as the representative of the private listed companies appeared within three years of equity incentive plan "announced the withdrawal-Implementation of the special problems".This case provides a rare opportunity to use case study method to study the equity incentive problems of private listed companies in China.This paper adopts normative research and case analysis.In the part of normative research,this paper reviews and summarizes the relevant literature at home and abroad,the concept,types,theoretical basis of equity incentive and the factors that affect the company's equity incentive.In the part of case analysis,to Joyoung shares two incentive scheme as the research object,based on the process,characteristics and causes of the investigation on the case,combined with the analysis of financial data and charts summarize its impact on corporate performance and shareholder wealth.Finally,this paper draws a conclusion through the analysis of the previous series,mining the significance of this case analysis,and puts forward some constructive suggestions on the implementation of equity incentive of listed companies.The main contribution of this paper is:(1)through theoretical analysis of equity incentive and motivation,a more objective evaluation of the equity incentive mode selection of Listed Companies in China;(2)features,combined with the real case of China's securities market analysis of the listed company to use the equity incentive motivation and effect(;3)reveal the case companies in the implementation of equity incentive by using the method of financial analysis of the economic consequences,provide the reference for other cases of equity incentive in listed companies.The basic structure of this paper is divided into five parts.The first part isintroduction.This paper discusses the research background,research significance,literature review,research content and methods,as well as structural arrangements.The second part is about the basic theory and overview of restricted stock incentive.This paper introduces the theoretical basis of this paper,discusses the basic concept of restricted stock,the design of the essential elements of the stock incentive plan,the accounting treatment,and the difference between the stock option and stock option.The third part is the case introduction.The basic situation of Joyoung shares,the two equity incentive plan,the development process of China's state-owned enterprises equity incentive and the introduction of the industry.The fourth part is the case analysis.The value simulation of equity incentive mode selection and the analysis of the existing problems in the process of the implementation of the restricted equity incentive,and finally to evaluate the case.The fifth part is the conclusion and prospect.Based on the theoretical analysis and case analysis,the paper summarizes the conclusions and puts forward some suggestions for the listed companies to help through the equity incentive system.