The Equity Incentive Effect Under Different Property Rights Research

In modern enterprises,there is an inconsistency between owners and operators,and sometimes the positions of both sides are antagonistic.The equity incentive system might be an efficient way to solve the problem of "principal-agent" in enterprises,which brings the interests of the two to the same,so as to promote better business development of enterprises.Equity incentive system,as an important and frequently used in modern enterprise is a kind of incentive system,in the western developed countries have carried out extensive and more successful practice,the design and implementation of effectiveness and long-term incentive effect has important influence.How to design the scientific design in line with the company's own special scheme to achieve the purpose of equity incentive and promote the long-term development of the enterprise is a matter of great concern to every country and enterprise.In recent years,the equity incentive has gradually been recognized and gradually improved by our government and enterprises to adapt to our national conditions.In 2006,the ministry of finance and other departments jointly issued the measures for the administration of the listed company equity incentive(trial),and formally implemented,the way to reset the conditions and scope of content on the implementation of equity incentive.Since the implementation of this method,more and more enterprises in China have started to implement equity incentive schemes,so this method has contributed to the improvement of the incentive mechanism of equity to some extent.Equity incentive to reduce the conflict between managers and owners,to reduce the agency cost and improve enterprise efficiency plays a vital role,but it is under the different nature of property rights of enterprises implement may have the effect of different,so the study of this problem has very important significance,hope that through a typical case study,this article draw some relevant conclusions.Shanghai Jahwa united co.,LTD.(hereinafter referred to as the "Shanghai Jahwa")in China's oldest one of the production of daily chemicals enterprises,is the industry's leading position,has been walking in the forefront of equity incentive.In November 2011,Shanghai Pingpu investment co.,LTD.,a state-owned enterprise,was transformed from a state-owned enterprise into a private enterprise by bidding for a 100% stake in the parent company of Shanghai Jahwa group.Before and after the change of property property rights in Shanghai,the equity incentive has been implemented,and the three equity incentive schemes are implemented under different property rights.This article through to Shanghai Jahwa 11 yearsthree times between 2006 and 2016 equity incentive plan is analyzed,with the method of longitudinal comparative analysis of the Shanghai Jahwa all aspects of the difference between before and after the equity incentive plan,comparing different equity incentive in state-owned and private property rights under the effect of,and then through the lateral comparison Shanghai Jahwa and daily chemical industry and industry average day Tianxiazhihui distinction,prove the existence of equity incentive to enterprise performance impact.Through research we can see that state-owned enterprises under the background of private enterprise incentive effect is far from obvious,this is due to the limited compensation control aspects of the state-owned enterprises,so the state-owned enterprise equity incentive to achieve the desired goal,you should learn to relax the compensation management system,further promote the marketization process.Finally,by analyzing these differences and existing problems,this paper puts forward some Suggestions for enterprises of different property rights in China to implement equity incentive.