A Study On The Effect Of Anke's Bio-equity Incentive Scheme

The separation of ownership and control causes agency costs for modern enterprises,which has become a rather serious problem in the process of corporate governance.In order to solve this problem,most listed companies adopt equity incentive programs as a means to achieve long-term strategic objectives.However,the study of both foreign scholars and domestic scholars on listed companies having implemented the equity incentive plans shows that,in the long run,equity incentive programs have no particularly obvious effect on a company's business performance growth.Scholars have different views on the reasons for implementing equity incentive programs.They hold two opposite opinions of whether to implement equity incentive programs.Those who support the implementation of incentive programs believe that,for listed companies,it is to promote shareholders and business executives to achieve the same goal,thereby reducing the agency costs.Opponents argue that equity incentive programs will lead executives to seek personal benefits and endanger the interests of the company.Most of the existing literatures mainly focus on whether the performance of the company has a positive correlation with the implementation of equity incentive programs.And there is little analysis of the motivations of implementing equity incentive programs.In this study,three research methods such as case analysis,literature research and comparative analysis are adopted.The first chapter is introduction,which elaborates the research background and the significance of this study,summarizes the domestic and foreign research,introduces the research frame and methods,and also emphasizes the main innovation points in the study.The second chapter introduces related concepts and theoretical basis of equity incentive programs,that is,incentive theory,principal-agent theory and human capital theory.The third chapter introduces the two equity incentive programs of Anhui Anke Biotechnology(Group)Co.,Ltd.and analyzes the motivations and contents of these programs.On this basis,it analyzes the difference between the equity incentive programs of two periods and the reasons for this change.By centering on financial indicators,market reaction and investment level,the fourth chapter conducts a comprehensive analysis and evaluation of the implementation effect of AnkeBio's equity incentive programs from solvency,profitability,development ability,operating ability,operating performance and R&D expenditure.On this basis,the advantages and problems of incentive programs are pointed out.In the fifth chapter,the paper puts forward some constructive countermeasures and suggestions on the problemsof AnkeBio's equity incentive programs.