A Study On The Implementation Strategy And Economic Consequences Of Restrictive Stock Incentive In State-owned Enterprises

Under the background of the separation of two rights,equity incentive is regarded as an effective way to solve Agency problem at present.According to?Fortune?of 2015,85%of the world's top 500 companies have implemented equity incentives.Compared with other countries with relatively mature capital markets,equity incentive in China started relatively late,and it was not until 2005 when related policies of equity incentive was promulgated,there was no institutional basis for the implementation of equity incentive plan in China.Since then,the scale of stock incentive of listed companies in our country is expanding rapidly.Restricted stock,in particular,is currently the most common option,from 1 in 2008 to 1795 in 2018.This paper focuses on state-owned enterprises and takes China Unicom as the research object.This paper analyzes whether the restrictive stock incentive scheme at the group level has a specific element of the company and how this incentive scheme affects the management and performance of the company.The conclusion is that after the announcement of the employee equity incentive scheme,the excess return is significantly positive in the short term.However,real returns of the listed companies after the implementation of the scheme is not as good as expected.The return on invested capital is not as high as the weighted average capital rate,and the long-term effect is not as obvious as the short-term effeet,but it is still a growing trend;In terms of employee performance,it is found that the positive effect of employee shareholding is easily influenced by various factors because of the setting of the salary ceiling of state-owned enterprises and the turbulence of the market as a whole.On this basis,this paper puts forward that the state-owned enterprises should not only be supported by policy,but also choose the incentive means and design the contract elements according to the specific situation of the enterprise.The scheme can also increase some risk exposure to avoid employee risk.