Analysis On The Implementation Effect Of Equity Incentive For Real Estate Listed Companies

Whether in China or in the western capitalist countries,corporate governance is a hot topic in academic circles.The root of this problem lies in the separation of management right and ownership under the current enterprise system.Equity incentive,as a mechanism that can reduce the agency cost,has a profound theoretical basis and practical experience,once become a tool for global enterprises to solve the agency problem to a certain extent.The rapid development of market economy,the increasingly regulated market environment and the increasingly perfect legal environment make it possible to implement equity incentive in Chinese companies,attracting more and more listed companies trying to launch equity incentive plans.As a long-term incentive mechanism of listed companies in our country,equity incentive has a great thrust in corporate governance structure and human resource incentive,which can effectively solve the agency problem arising from the separation of management rights and ownership,and effectively inspire top management to work hard for the performance of the company,combining the management's interests with the long-term benefits of the company.However,the development time of equity incentive in our country is too short,the relevant system is not perfect,and the legal environment needs to be improved.As a result,many companies have not improved their business performance after implementing equity incentive.Based on the theory of equity incentive and the experience of foreign countries,this paper analyzes the macroscopic environment and actuality of the implementation of equity incentive in China's real estate listed companies.The reason why I choose real estate listed companies as the research object is that the real estate and manufacturing industries are both the dominant motivators,on the other hand,under the strong state control,the competition and challenge in the real estate industry are more intense and huge.It is more practical and practical to study the industry's incentive methods,especially the equity incentive.After analyzing the status quo of the implementation of the equity incentive in the real estate industry,a representative company is selected for the specific analysis.Summed up some of its problems in the formulation of incentive programs and management,such as incentive programs in the exercise conditions,performance evaluation indicators and other aspects of the design are not perfect,and it did not play a catalytic role in enhancing the long-term business viability and improving short-sighted behavior.This article puts forward some feasible suggestions and countermeasures from the aspects of the content design of the equity incentive plan,the internal governance of the enterprise and the external environment of the enterprise about the equity incentive,which are also worth learning from other real estate listed companies in the implementation of equity incentives.