The Discussion On The Case Of Qingdao Haier's Equity Incentive

As a kind of long-term incentive equity incentive tool,solved by the separation of ownership and managerial authority one of the main means of principal-agent problem,the equity incentive is also one of the most important in the modern corporate governance mechanism.The mechanism by allowing managers hold a certain number of shares of the company,so as to make the owners,operators,and the company's long-term development goals,to a certain extent,ease the principal-agent problems,improve the competitiveness of the companies,and is conducive to the long-term sustainable development of the enterprise.Qingdao Haier completed one of the equity incentive plan,also succeeded in implementation of equity incentive mechanism of state-owned listed companies,has the important significance of listed companies in China,but China Qingdao Haier 's equity incentive plan is not very perfect,because the formulation and implementation of solutions in where there are many worthy of analysis and discussion.Based on the principal-agent theory and human capital theory as the theoretical basis,using theoretical analysis and case analysis research method of combining,Qingdao Haier 's equity incentive plans in China were analyzed,and to explore the causes of its solution set and its impact on firm performance,and finally draw some listed companies to develop and implement equity incentive plan.In this paper,the main research methods are literature research and case analysis data.First of all,through the analysis and summary of related literature at home and abroad,the full knowledge of corporate equity incentive and performance relationship between main theory and reality,for the paper research the reason of equity incentive and influence on the company's performance to lay a good theoretical basis.Then,god group,the implementation of equity incentive in China,on the basis of the actual case analysis of the company equity incentive motivation,at the same time,according to the company financial report data and accounting data,analysis the impact of changes in the implementation of equity incentive to enterprise performance,summarizes the conclusions and Revelations of the equity incentive case.This article is divided into six parts.The first part mainly introduced the selected topic significance and background of the thesis,reviews the literature related to equity incentive,build the frame structure of the paper.This article main research train of thought is to ask questions-analysis problem-to solve the problem.The second part introduces the concept of equity incentive,the principal methods of the stock ownership and the related theoretical basis.The principal methods of the stock ownership incentive include stock option,performance stock,restricted stock and stock appreciation rights.The incentive theory along with the principal-agent theory and the human capital theory is the main related theoretical basis of the equity incentive.The third part of this paper introduces the general situation of Qingdao Haier.It also elaborates the content of the equity incentive plan,features and the implementation of equity incentive program followed-up.The fourth part describes the motivation for the implementation of the Qingdao Haier equity incentive based on the company's internal and external levels.The fifth part analyzes why the equity incentive will produce the corresponding effect from four direction,including company performance,the stability of the staff,the efficiency of management behavior and the reaction of the stock market four direction.The sixth part still evaluates the influence of equity incentive to the management of Qingdao Haier from the four directions mentioned above,and thus obtains the enlightenment which is worth learning and thinking.