Research On The Implementation Effect Of Yonyou Network Equity Incentive Plan

The modern enterprise system is to adapt to the modern production and market economy system requires a kind of enterprise system,also is a kind of enterprise system with Chinese characteristics,its establishment is based on the separation of ownership and management rights.Because of conflicts of interest between owners and operators,equity incentive is one of the important means to solve the problem of agency.However,the operators are mostly rational economic people,and make accounting profit manipulation for the benefit of the individual.If there is a lack of perfect corporate governance system,the implementation of the equity incentive plan is likely to be the channel for executives to deliver benefits.In view of the equity incentive regulation is insufficient,imperfect internal governance problems,domestic and international numerous scholars from multiple perspectives analysis affects the implementation of equity incentive motivation,implementation plan and implementation effect of the factors.On the basis of these studies,scholars have further explored the definition of incentive scheme and welfare scheme.In this paper,on the basis of many scholars have reference literature,through concrete cases,the behavior of the executives,the comprehensive analysis on economic effect two aspects,in order to determine whether the implementation of equity incentive effect to achieve the expectations of the enterprise.Before evaluating the implementation effect,the influence factors of corporate governance structure and equity incentive are analyzed.This paper mainly adopts the case study method and the comparative analysis method,and selects the equity incentive scheme which has been completed by the friends network twice as the main research content.Chapter 1 introduces the purpose,significance and framework of the research.Then the literature reviewed is mainly about whether the equity incentive is related to the enterprise performance,and the effect of equity incentive implementation is influenced by what factors.Chapter 2 is about the theory of equity incentive at home and abroad.Chapter 3introduces the industry background of the case enterprise,analyzes the internal governance of the enterprise,and explains the environment of using the network to implement the equity incentive.In chapter 4,the author introduces and analyzes the equity incentive plan which has beencompleted twice in the network,and determines whether the setting of equity incentive elements is reasonable according to the situation of the right.Chapter 5 is based on the investment behavior of the manager,the research and development density,the reaction of the market to the equity incentive,and the performance of the enterprise to judge the implementation effect of the equity incentive.Chapter 6 is the conclusion of this paper.It mainly summarizes the problems existing in the two equity incentive plans and puts forward reasonable Suggestions.Through the study found that during the first equity incentive have excessive investment behavior,investment density,slow growth,performance indicators is far more than the exercise condition,but compared with the same performance increase is not obvious,and no significant improve enterprise value.During equity incentive,no excessive investment behavior,enterprise investment density sustained growth,compared with the same industry,the performance has the obvious growth,growth types tend to recessionary growth,improve enterprise value.As the corporate governance structure is relatively perfect,it provides a good guarantee for the smooth implementation of equity incentive.Therefore,it is mainly the setting of performance assessment indicators that affects the incentive effect.In the future,when designing the equity incentive plan,we should pay attention to the diversification of the right conditions,and if the setting of the right conditions is too high,the latter should be adjusted appropriately.