Study On The Effect Of Equity Incentive In Qingdao Haier

With the rapid development of China's economy,the scale of enterprise development is gradually expanding,the requirements of the operators gradually increased,resulting in the modern enterprise system under the management and ownership of the separation.In order to effectively avoid the conflict of interests between shareholders and executives,reduce the cost of principal-agent and maximize the common interests of the two parties,the western countries take the lead in equity incentive,and the employee's interests are tied to the shareholders' interests by giving the employees a certain stake,Making the staff better for the company.China in 1991 for the first time from abroad to introduce the equity incentive system.After that,China's equity incentive system began to mature,the implementation of equity incentive listed companies are increasing year by year,the development of China's equity incentive to enter into a "golden age." During the nine years from 2006 to 2015,the equity incentive plan has been implemented in more than 900 large and medium-sized listed companies in China,and some of the company's equity incentive has played a positive role,but some enterprises have not only failed to achieve their results On the substantial increase,but in varying degrees on the decline.This is worthy of our thought.This paper chooses Qingdao Haier as the research object.Firstly,it elaborates the four theoretical bases of equity incentive-principal-agent theory,incentive theory,contract theory and human capital theory,and explains the elements of equity incentive scheme,Then from the implementation of the equity incentive company's quantitative analysis and industry distribution in two aspects of China's listed companies outlined the status of equity incentive.Then,based on the development process of Qingdao Haier,the author analyzes the motivations of its choice of equity incentive,and makes a detailed description of the four-way equity incentive scheme and implementation of Qingdao Haier.Finally,combined with the theoretical knowledge,the use of case analysis and comparative analysis,first from the profitability,solvency,development capability,market response,agency costs,personnel mobility,six aspects of Qingdao Haier equity incentive program implementation effect Vertical and detailed analysis,and then with the same industry outstanding enterprises for horizontal comparison analysis,found in Qingdao Haier implementation of the advantages and disadvantages of equity incentives,and give rationalization proposals.Finally,Qingdao Haier as a case basis,according to China's listed companies to implement the following three incentives for the implementation of equity incentives: First,listed companies want to promote the rapid development of enterprises and enhance the value of the need to establish efficient and reasonable performance appraisal system,And other evaluation system,financial indicators and non-financial indicators of the way;second,to strengthen the supervision of the implementation of equity incentive system listed companies;Third,the company in the implementation of equity incentives,should be based on their own situation,Scientific equity incentive program.