Study On The Implementation Effect Of The Stock Option Incentive Plan Of COFCO Tunhe Sugar Industry Co.,Ltd.

Agriculture is the basic industry in China's national economic system and plays an important role in the development of China's economy.Due to China's special historical factors,the development of China's agricultural industry is not ideal.Although the industry enjoys the support of various preferential policies of the country,However,there are still many factors that restrict the development of agricult'ural enterprises.Agricultural listed companies have a significant impact on agricultural enterprises,and agricultural enterprises want to get development,enterprise listing is an effective way,but with the expansion of the scale of enterprises,the principal-agent problem arising from the separation of management rights and ownership has become prominent,come out.As an effective means to solve the separation of the two powers,equity incentives have been adopted by enterprises.With the opening of China's equity incentive system in 2005,the equity incentive plan has been implemented in China for more than ten years,and the relevant systems and laws and regulations have been continuously improved,which has a positive impact on the implementation of China's corporate equity incentive plan.For agricultural listed companies to develop,equity incentives can be an effective method,but due to the inherently weak quality of the industry,there are fewer successful enterprises.Based on the case,this paper selects two equity incentives of COFCO Tunhe as a sample for comparative study.This paper first analyzes the development background related to equity incentives and the implementation situation in China,then briefly describes the basic situation of COFCO Tunhe,then describes the two plans and compares the differences between the two equity incentive plans.The following is the case analysis part of the paper.This part first analyzes the background of the two plans,analyzes the favorable and unfavorable factors faced by the two companies when the incentive plan is implemented,and then the market reaction and financial performance from the enterprise.And non-financial performance and other aspects to analyze the effectiveness of its implementation.Finally,it is the case revelation and conclusion part of the thesis.The suggestion is from the three aspects of COFCO Luhe,China's agricultural listed companies and the external environmental factors of China's enterprises to implement equity incentives,in the hope that this paper can be the equity incentive plan for China's agricultural listed companies.The implementation plays a certain reference role and accelerates the rhythm of the implementation of equity incentives for agricultural listed companies in China.