| In 1952,the first stock option program was designed and launched by fiesel.As a long-term incentive mechanism,equity incentive originated from the United States to avoid high income tax.However,the birth of equity incentive greatly alleviates the agency problem between shareholders and managers,and realizes the correspondence between residual claims and control rights.Before 2006,the public ownership of state-owned enterprises in China made state-owned enterprises timid in the process of equity incentive pilot,and the state has not yet issued relevant management measures for state-owned enterprises to implement equity incentive,resulting in the slow progress of the equity incentive pilot of state-owned enterprises.In 2006,the introduction of the trial measures on the implementation of equity incentive by state-owned holding listed companies(within China)stimulated the enthusiasm of state-owned enterprises to implement equity incentive,and many state-owned enterprises launched equity incentive plans one after another,in order to establish and improve the long-term incentive mechanism combining the incentive and restraint of state-owned enterprises.Although the state holding listed companies(domestic)trial measures for the implementation of equity incentive and the state holding listed companies(domestic)trial measures for the implementation of equity incentive of the stimulated the enthusiasm of the state-owned enterprises to implement equity incentive and confidence,but the state-owned enterprise in the process of formulation and implementation of equity incentive plan,there is a lot of problems.First,the selection of equity incentive model of state-owned enterprises is not scientific.It is difficult to give play to the incentive and constraint benefits of different incentive models by selecting the same incentive model for different incentive objects.Second,state-owned enterprises do not have a clear understanding of the importance of equity incentive purpose and seriously underestimate the important role of equity incentive purpose in the design and implementation of equity incentive plan.The design of the purpose of equity incentive should adapt to the actual situation of the enterprise and be realizable.Thirdly,the design of equity incentive elements is unreasonable.1.The period design of equity incentive is unreasonable,and the shorter incentive period is easy to induce the incentive object to pay attention to the short-term performance of state-owned enterprises.2.The evaluation standards for core employees of state-owned enterprises are not standardized.Relevant laws and articles of association accurately define the composition of senior management personnel of enterprises,but the identification of core employees is very vague.3.The limit of the number of equity incentive stocks in state-owned enterprises is unreasonable.1%of the number of incentive stocks cannot meet the needs of the equity incentive objects in state-owned enterprises,which reduces the incentive effect of equity incentive.4.The legal restrictions on the equity incentive income of state-owned enterprises are unreasonable,and the upper limit of the incentive income is below 40%,which also discourages the enthusiasm of the incentive objects.5.The way of exercising equity incentive in state-owned enterprises is not scientific.The uniform and batch exercise method reduces the incentive object’s motivation to pay attention to the long-term development of state-owned enterprises.6.The performance evaluation system of state-owned enterprises is unreasonable.In the performance evaluation system,state-owned enterprises pay too much attention to the financial indicators of state-owned enterprises and neglect the non-financial indicators of state-owned enterprises.To sum up,problems in the formulation and implementation of equity incentive plans in state-owned enterprises greatly weaken the incentive effect of equity incentive and reduce the work enthusiasm of employees in state-owned enterprises.In view of the above state-owned enterprises in the formulation and implementation of the equity incentive plan in the process of a series of problems,put forward six Suggestions.First,establish a multi-level equity incentive system.The enterprise mainly consists of three types of employees,senior management,core employees and ordinary employees.For the above three types of employees,the corresponding equity incentive model is selected to fully mobilize the enthusiasm and creativity of the three types of employees,so as to improve the operating performance of state-owned enterprises.Second,the formulation of sound equity incentive elements.1.The division principle of equity incentive objects should be reasonable;2.The proportion of equity incentive income should be reasonable;3.The way of equity incentive exercise should be scientific;4.The design of equity incentive cycle should be reasonable;5.Scientific performance evaluation systemThird,the establishment of a regular equity incentive mechanism.Equity incentive system is a long-term incentive measure for state-owned enterprises to establish and improve incentive and restraint mechanism.Therefore,state-owned enterprises regard the implementation of equity incentive as one of the necessary conditions for the survival and development of state-owned enterprises,and grant equity to employees of state-owned enterprises in batches on an annual basis to stimulate their enthusiasm for work.Fourth,strengthen the supervision mechanism of equity incentive.State-owned enterprises will face the influence of many stakeholders in the process of formulating and implementing equity incentive.In order to avoid this situation,it is necessary to strengthen the internal supervision of enterprises and strengthen the regulatory role of the government.At the same time,improve the enterprise information disclosure system.Fifth,establish and improve the accountability mechanism.The incentive object of the equity incentive of state-owned enterprises is not necessarily able to exercise the right.If the exercise condition is not met due to the fault of the incentive object,the incentive plan stipulates corresponding punishment measures.At the same time,strengthen the supervision of supervisors or independent directors.Sixth,establish a unified preferential tax policy.On September 20,2016,the ministry of finance and the state administration of taxation jointly issued the "notice on improving the income tax policy on equity incentive and technology investment",which divided the company into listed companies and non-listed companies,and gave them different tax incentives for implementing equity incentive.This is a disguised form of discrimination,is not a fair performance.China’s securities market is full of opportunism and its turnover rate is much higher than that of western securities markets.In order to reduce the turnover rate of China’s securities market and reduce short-term trading,the equity incentive is divided into legal stock options and non-legal stock options according to the length of time the incentive object holds the stock.The law gives preferential tax treatment to the incentive objects who hold the company’s stock for a long time,which not only improves the motivation of the incentive objects,but also extends the time that the incentive objects hold the company’s stock,which is conducive to the construction of a healthy and stable securities market.Therefore,the improvement of the equity incentive mechanism of state-owned enterprises not only lies in the improvement of the internal corporate governance structure,but also depends on the development of the external securities market. |
