| As a long-term incentive mechanism,equity incentives can effectively solve the principalagent problem arising from the separation of the two powers under the modern enterprise system.Since the CSRC issued the “Management Measures of Equity Incentives for Listed Companies” and officially implemented in 2016,equity incentives have evolved from pilot to become the mainstream of long-term effective incentives and modern corporate governance.Driven by the new management system,the equity incentives of A-share listed companies have flourished.As of the end of December 2017,the market size has grown by more than 60%.However,less than 30% of listed companies successfully completed the equity incentive plan,and even led to the deterioration of the company’s financial situation.Therefore,in the background of the promulgation of the new management measures,how to design an equity incentive plan that can promote the company’s development is an issue that should be considered when each company implements the equity incentive plan.This essay focuses on the study of Zhejiang Supor Co.,Ltd.which has implemented four equity incentive plans in 2006,2012,2013 and 2017 respectively with the change of stock rights during the process.Based on this background,firstly,this essay introduces the changes in the ownership structure since the establishment of Supor by dividing the changes into two stages,and highlights the special features of Supor,namely the change of the nature of property rights.The elements of the four equity incentive plans are compared longitudinally to analyze changes in the elements.Next,this essay analyzes the elements of four equity incentive plans under different backgrounds of property rights and explores the design motives of equity incentive schemes at different stages.Through the analysis of the relevant elements in the first equity incentive plans implemented under the background of family business,it is found that it has four characteristics: narrow incentive range,strong incentives,easy execution conditions and poor supervision.This equity incentive plan reflects the selfinterested motivation of executives to a certain extent.Through the analysis of the relevantelements in the three equity incentive plans implemented under the background of foreignfunded enterprises,it is found that the scope of the equity incentive system is further expanded,and the incentives are relatively moderate,reflecting the incentive motives for the employees of the company;The assessment indicators are more abundant,the target value of the assessment indicators is more strict,and the assessment method is more scientific and reasonable.Compared with the equity incentive system under the background of family business,it is more difficult for management to seek private benefits.Among the members of the board of directors,the number of incentive targets is gradually reduced and has a supervisory role;in the process of implementation,amendments are made in time,and new equity incentive plans are announced after improvement.It can be seen that in the background of foreign-funded enterprises,the equity incentive plans show incentive motives.Next,the implementation effects of Supor’s equity incentives is analyzed.There are three main parts: the first part is to introduce the completion of previous equity incentives;the second part is to analyze the market reaction before and after the announcement of the equity incentive plans.The third part explores the effects of the four incentive plans based on the analysis of financial performance.Through the analysis of market reaction,it is concluded that compared with the family business stage,the market reaction of the equity incentive plan announced in the stage of foreign-funded enterprises is better,and it is more recognized by the market and investors.From the perspective of implementation effects,the incentive effect of equity incentives implemented in the stage of foreign-funded enterprises is more significant. |
