Research On The Effect Of Restacted Equity Incentive In State Owned Enterprises

From our country to carry out the reform of state-owned enterprises has been more than 30 years,and equity incentive is due to its well coordinate the interests of executives and shareholders,company can solve the problem of principal-agent and incentive development advantages,gradually sought after by the capital market.Due to our country state-owned listed companies itself the characteristics of state-owned assets,as well as the characteristics of the value of state-owned assets of public pressure,compared with other non-state enterprises listed companies,the state-owned enterprise implementation of equity incentive plan,the principal-agent problems,managers' short-term behavior,human capital pricing and state-owned enterprises staff cohesion and so on has its distinctive characteristics.In this paper,the principal-agent theory,human capital theory and incentive theory are used as the theoretical basis to study the incentive effect of restricted stock in state-owned enterprises.From the perspective of principal-agent theory,based on the long-term development of the enterprise,bright dairy has basically stabilized the stock price to a level that can reflect the real value of the enterprise.According to the theory of human capital as the backing,bright dairy two restrictive equity incentive scheme from staff are improved,the universality and effectiveness of not only attaches importance to corporate executives,also attaches great importance to the core of enterprise related employees value;Finally,by means of incentive theory,the unlocking situation of two incentive schemes and the completion effect of each aspect are analyzed in detail.It is shown that the benefits of restricted equity incentive effect are good and the advantages of quick effect are reflected in the analysis of the case.This paper for the restriction of the equity incentive theory and the concept of interpretation,with the other equity incentive mode are analyzed and compared,and on this basis,analyzed the restrictive equity incentive and the differences between state-owned enterprises and state-owned enterprises,the introduction to the evolution of the state-owned enterprise equity incentive in our country.Second,we selected the two equity incentive schemes in 2010 and 2014 as cases,and elaborated the two schemes in detail through multiple perspectives.Then separately from the complete effect,human resources,technology development,financial effect four aspects carries on the analysis the advantages and disadvantages of two equity incentive,through staff growth,r&d investment,profitability and solvency indicators analysis of qualitative and quantitative methods,such as,standing in different height and width ofthe two analyzes the restrictive effect of equity incentive.Finally,this paper summarizes the advantages and disadvantages of the two equity incentives,and provides some references for the reform of equity incentive in other state-owned enterprises in China.Hope other state-owned enterprises of the restrictive equity incentive can closely combine managers' interests with the company's share price,the interests of the two hooks,which not only can be a very good promote the enthusiasm of managers' work,and make them enjoy more salary,make the state-owned enterprise managers of human capital pricing more reasonable,so as to improve the staff's cohesive force,also increase the real value of the state-owned enterprises.