| Equity incentive is a long-term incentive mechanism implemented by enterprises to motivate and retain core talents,and it is one of the most commonly used methods to motivate employees.Equity incentive is mainly to give some shareholders' rights and interests to employees by conditional conditions,so that they have the sense of ownership,thus forming a community of interests with enterprises,promoting the common growth of enterprises and employees,thus helping enterprises achieve the long-term goal of stable development.By holding a certain number of shares in the company,the mechanism can make the owners and managers align with the company's long-term development goals,alleviate the principal-agent problem to a certain extent,improve the competitiveness of the company,and contribute to the long-term sustainable development of the enterprise.Jiangsu Cathay Pacific is a state-owned listed company that successfully implements the equity incentive mechanism,and is also one of the companies that complete the equity incentive plan.It has important reference significance for the listed companies in China.However,the equity incentive plan of Jiangsu Cathay Pacific is not very perfect,and there are many places worthy of analysis and discussion in the formulation and implementation of the plan.Based on the incentive theory,principal-agent theory and human capital theory,this paper uses the method of combining theoretical analysis with case analysis to analyze the equity incentive plan of Cathay Pacific,Jiangsu Province,and explores the reasons for the formulation of the plan and how it affects the company's operating performance,so as to draw inspiration for the formulation and implementation of the equity incentive plan.Firstly,through reading the literature at home and abroad,this paper fully understands and recognizes the relationship between the implementation of equity incentive plan and the company's operating performance,summarizes the main theory and practice of equity incentive,and provides valuable theoretical basis and practical experience for the study of equity incentive practice in specific cases.Secondly,based on the actual case of Jiangsu Cathay Pacific equity incentive,this paper focuses on the analysis of the motivation of the implementation of equity incentive in Jiangsu Cathay Pacific,the reasons for the impact of equity incentive on the company's operating performance changes,and summarizes the conclusions and Enlightenment of equity incentive cases.This paper is divided into six parts.The first part is the introduction.Firstly,it is explained that the topic of this paper is based on the development of modern enterprise system.The separation of company's management right and ownership leads to the emergence of principal-agent relationship.It is of great practical significance to study such equity incentive relationship.Then,it summarizes the current literature on equity incentive both at home and abroad.At present,western countries have rich research contents on equity incentive.There are some differences in the depth of the study.Finally,the paper explains the research ideas of raising questions,analyzing problems,solving problems and the research methods mainly based on literature research and case data analysis.And the structure of the paper.The second part is an overview of equity incentive theory.Firstly,it introduces equity incentive as a measure to motivate employees.Then it introduces the relevant theoretical basis of equity incentive,including incentive theory,principal-agent theory,human capital theory,and so on.Finally,it mainly introduces the main equity incentive methods such as stock options,restricted stocks,in order to help the further analysis of the case of Jiangsu Cathay Pacific equity incentive.The third part is the case introduction of Jiangsu Cathay Pacific equity incentive.Firstly,it briefly introduces the basic situation of Jiangsu Cathay Pacific Company,and then briefly describes the process of equity incentive in Jiangsu Cathay Pacific Company.In March 2013,Cathay Pacific held a shareholders 'meeting,passed the equity incentive plan,and divided into three rights in 2015,2016 and 2017.Finally,it concludes that the main ways of equity incentive in Jiangsu Cathay Pacific Company are stock option incentive and wide range of incentive objects.Characteristic.The fourth part analyses the motivation of implementing equity incentive in Cathay Pacific of Jiangsu Province.From the external environment,the implementation of equity incentives in Cathay Pacific Jiangsu is mainly to enhance the competitiveness of the industry,while laws and regulations also provide a sound institutional guarantee for it.From the internal environment,the implementation of equity incentive is mainly to stimulate the enthusiasm of employees,pay attention to the long-term development of the company,so as to reduce the agency costs of the company and achieve the integration of human resources.The fifth part analyses the effect before and after the implementation of Jingsu guotai stock option incentive in Jiangsu from the aspects of financial indicators such as profitability,growth ability,operation ability and solvency.Firstly,this paper makes a comparative analysis of the performance of Cathay Pacific Stock Option in Jiangsu Province before and after its implementation.Through the analysis,it is found that the financial performance of Cathay Pacific in Jiangsu Province has improved after the implementation of equity incentive.The main reason is that after the implementation of equity incentive,the management of the company has increased the investment in new energy projects,and at the same time,through the acquisition and acquisition measures,integrated the quality assets of some of its controlling shareholders Group revenue.The sixth part is the conclusion and Enlightenment of the case study of Jiangsu Cathay Pacific Equity Incentive.The case of Jiangsu guotai equity incentive in Jiangsu province shows that when listed companies implement equity incentive,the selection of incentive objects should be reasonable.At the same time,a reasonable feasible period should be set according to the actual situation of enterprises.Such equity incentive plan is conducive to improving the operating performance of enterprises and to the long-term development of enterprises.The enlightenment of Cathay Pacific case in Jiangsu Province is that enterprises should strengthen the construction of their internal governance structure and choose equity incentive plans that meet their own requirements.At the same time,from the external point of view,the strengthening of the effectiveness of capital market and the regulation of listed companies are conducive to improving the incentive effect. |
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