Case Study Of Stock Ownership Incentive Of Sany Heavy Industry Co.,Ltd

The ownership of enterprises and business separate is an important symbol of modern enterprise.With increasing the scale of the enterprise,and energy is limited,the owners have brought the owner to the interests of the owners need to be on the market to find a better than his take care of the company's managers,to achieve the best combination of resources and manpower,therefore,in the way of "principal-agent".But at the same time it still has disadvantages: this way due to the different goals of both the principal and agent,can appear because of information asymmetry and agent to seek personal gain and damage the interests of the principal's behavior.The equity incentive as an effective solution to the problem of "principal-agent",not only can reduce the agent cost,reduce the short-term behavior of the operation and management,the company's talent can incentive and constraint,stable management team.The United States in the 1980 s have started to use equity incentive policy and achieved good effect.For the implementation of this system in our count ry,by contrast,late,even up to now,the development of the system is not stable.Thesis mainly to sany heavy industry co.,LTD as the research object,as in the former theory research and related literature both at home and abroad on the basis of research results,through the observation of sany heavy industry announced stock prices before and after the equity incentive plan long-term,short-term trend analysis to the scheme of sany heavy industry market influence;Observation of sany heavy industry before and after the implementation of changes in financial indicators,and select close industry enterprise opponent as a reference,combined with their financial index change trend,from the profit ability,operation ability,debt paying ability and development ability from four aspects,the comparative analysis of sany,the implementation of equity incentive effect.Through the above research: sany heavy industry co.,LTD.,equity incentive scheme lines exist right assessment index design is simple,low threshold,incentive object is too concentrated,etc.Finally,this study suggests that by establishing a scientific and diversified assessment of equity incentive system,formulate scientific and rational exercise conditions,actively expand the scope of object of equity incentive,reduce earnings management behavior,improve the external environment such as measures to further improve Wangsu Science & Technology Co.,ltd.equity incentive plan.