State-owned Listed Company Equity Incentive Problem Research

Domestic and foreign scholars have carried out a large number of research based on equity incentive,which shows that the equity incentive is a long-term incentive mechanism to solve the principal-agent problem.It can not only combine the interests of shareholders and managers,but also make the shareholders and managers share risks by the way of granting the company shares to the manager.Therefore,it plays an important role in improving the performance of enterprises.However,whether the enterprise can reasonably and legally use equity it or not is essential to the effect.Previously,many scholars domestic and abroad have carried out a number of empirical and theoretical research on the subject of equity incentive.This paper will be based on the results of these theoretical and empirical studies.And the research method of this paper is combination of theory summary and case study.This paper chooses the state-owned enterprise of Baosteel Group,research and analysis on the motivation,rationality of design,effect and influence factor of Baosteel Group's 2014 equity incentive plan.In this paper,the ownership of state-owned enterprises is highly concentrated.But it is difficult for the state to give full play to the supervision and restraint mechanism for the management of the enterprise when it is the owner of the enterprise,so it is necessary to implement equity incentive.At the same time,the design of equity incentive should be considered by the internal and external factors of the enterprise.The so-called local conditions,is to develop different equity incentive strategies based on objective conditions.Business owners must also be aware of the nature of equity incentives,that is equity incentive is to attract and retain the talent of 'golden cuffs',while the welfare nature of the 'gold watch'.