Research On The Effect Of Y Company's Equity Incentive Program

With the development of modern enterprises,the separation of ownership and management has become the main trend.It is in this context that the enterprise has been greatly improved in terms of operational efficiency and professionalism,at the same time,the problems arising from the principal-agent have emerged.It is an important problem for modern enterprises to solve the problem of how to reach a consensus of interests between shareholders and managers.In the last century,the United States was born in 30s equity incentive,through decades of practice and development,it has become one of the most important ways to understand the principal-agent and its derivativesIn 2006,China issued the first guidance document on the equity incentive of listed companies(listed companies equity incentive management approach(Trial)),which is regarded as the beginning of China's equity reform.So far,equity incentive has been Chinese in more than and 10 years of practice experience.With the development of the national economy.The use of equity incentive in the enterprise of our country is more and more widely.The equity incentive can really bring some influence to the enterprise,however,whether the equity incentive to improve the company's performance,its implementation will bring what effect to the enterprise,still needs in-depth study.Based on the agency theory,human capital theory,in recent years popular mode of corporate governance,equity incentive,using normative research method and case analysis method,combing the relevant literature,to a small private high-tech enterprise Y company as the main body to study the implementation of equity incentive utility.This paper takes Y company as an entry point to explore the equity incentive plan of Y company.Then the Y company's financial results and non-financial results are analyzed,it can be seen that Y company in the implementation of equity incentive,operating results increased significantly,the indicators were benign development,innovation capacity increased year by year.The results show that the implementation of Y equity incentive is a positive effect.This article is divided into six chapters,the following is the main content.The first chapter is the introduction,introduces the research background and significance,research ideas and methods,combing the relevant literature at home and abroad,and points out the innovation and shortcomings of this paper.The second chapter introduces the theory of equity incentive,including its concept,model,theoretical basis and the evaluation method of equity incentive effect.The third chapter introduces the motive and implementation plan of Y company stock incentive.First,it introduces Y company.Then it analyzes the motivation of Y company to implement stock incentive.At last,it introduces the implementation plan of Y company's equity incentive.The fourth chapter analyzes the Y companies in the implementation of equity incentive effect,including the effect of financial and non financial effect,and the operation effect was summarized.The fifth chapter analyzes the Y company's successful implementation of equity incentive of enlightenment.The last chapter is the conclusion and prospect.