Research On The Effect Of Restrictive Stock Incentives In Bright Dairy Industry

Today,with the conflicts of interests between the owners and managers of modern enterprises increasingly prominent,equity incentive is a better tool to alleviate the problem of "principal-agent" problem.However,in the decades after China's formal introduction of equity incentive,the development of equity incentive is still very bumpy,and its implementation effect has been controversial in academic circles.With bright dairy as the research object,this paper firstly the concept of equity incentive,mode,motivating factors,such as theoretical basis were summarized,observes the about equity incentive plan design and implementation effect of literature at home and abroad.Then a two stage smoothly before and after the combination of bright dairy,another midway termination of implementing equity incentive scheme comparison,the implementation of the financial performance during the operation ability,debt paying ability,operation ability,growth ability and economic added value is analyzed,combined with the ability to attract and leave talent management behavior,to the enterprise internal investment and dividend and earnings management behavior,shareholder wealth of short and long-term analysis in three aspects,and the longitudinal comparison Erie shares and the industry average,comprehensive comparison bright dairy two equity incentive effect.The study found that bright dairy two equity incentive effect varies widely,during the first phase,bright dairy each financial index in a steady level or has a significant improvement,financial index during the second phase of the equity incentive is not ideal,and performance parameter values differ greatly.At the same time,the management did not increase the long-term investment in the company during the period of the two period equity incentive,and the earnings management behavior has been more serious.During the period of implementation,it also found shortcomings such as corruption and bribery ofmanagement,hidden dangers of food and lack of supervision.Finally,through to the bright dairy two equity incentive problems in the implementation process and effect analysis,proposed to the appraisal of the equity incentive plan,performance indicators,performance threshold,some Suggestions for improvement of corporate governance,expect to further perfect our country listed company equity incentive mechanism has certain help.