The Research Of Equity Incentive Plans For Aier Eye Hospital Group

The separation of owners and managers is the core of modern enterprise system.The separation of two rights brings about the principal-agent problem.Equity incentive is one of the effective ways to solve and deal with the principal-agent problem.As of June 30,2018,China's listed companies have implemented a total of 2966 equity incentives,increasing year by year.Aier eye hospital group is one of the best companies in GEM.The core technical personnel and core management personnel have always been the main driving force for the company's replication and expansion in different places,and the cost of human resources is the main cost of the company.In order to attract and retain talents,the company has launched multi-level and multi-form equity incentives,including stock options,restricted shares and partner programs.Therefore,studying the reasons for the success of the equity incentive program in Elophthalmology can provide a good reference for listed companies.Aier eye hospital group has launched three equity incentive plans,a stock option plan launched shortly after listing,a restricted stock plan launched in 2013,a partner plan launched in 2014,and a restricted stock plan launched in 2016.Up to now,the first exercise period of the stock option plan has not been exercised due to stock price factors,but the other five periods have been exercised.The 2013 restricted stock plan has been exercised,and the 2016 restricted stock and partner plan is also in the process of implementation.From the analysis of the background of equity incentive,we know that every time the stock incentive plan is launched,it is consistent with the company's development strategy and industry background.From the analysis of the content of equity incentive,we know that the increasing proportion of equity incentive implementation,the expanding scope of incentive,the emphasis on encouraging core technical personnel and core management personnel,the reservation of some stock options,and the reasonable control of the cost of equity incentive plan are all the main factors for the success of equity incentive in Elsie Eye.From the analysis of exercise conditions,we can see that changing exercise conditions with the times and making more reasonable exercise performance conditions are the key factors for the success of equity incentive.According to the analysis of the implementation effect of equity incentive,the company's staff number,educational background change,research and development expenditure change,the company's stock price change and various non-financial operating data are optimized comprehensively,and the equity incentive of Elophthalmology has been successful.When formulating the equity incentive plan,it is necessary to match the company's long-term development strategy with the company's strategy according to local conditions,carry out a multi-level and multi-form equity incentive plan,on this basis,improve the company's competitiveness,practice the national the belt and road initiative policy,create a Chinese business card,and enhance the company's and the country's international image and influence.The contribution of this paper lies in an all-round analysis of the very successful equity incentive plan,which will help other listed companies learn from their experience and cultivate globally competitive listed companies.