Reseaech On Effect Of Mesnac Equity Incentive Based On Life Cycle Perspective

In the 1950 s,the United States issued the first draft employee stock ownership plan in the world,which represents the emergence of a new corporate governance.With the introduction of equity incentive policy and the improvement of relevant laws,equity incentive,a new governance model,has become more and more popular and has been widely used in the United States and Europe.In our country,equity incentive came into being relatively late.In 2005,the reform of non-tradable shares was carried out.The emergence of this reform made equity incentive plan gradually recognized by Chinese enterprises and more and more popular.However,whether the implementation of equity incentive has a positive effect on enterprise performance has not yet been reached a relatively consistent conclusion in academic circles.How to design the most effective and reasonable equity incentive plan is still in the process of trial.In this context,this paper chooses the MESNAC company Limited as the case study object from the perspective of enterprise life cycle.The article is divided into four parts.The first part mainly describes the case,and introduces the background,motivation and implementation of the MESNAC equity incentive.The second part is to analyze and evaluate the effect of equity incentive from the short-term market reaction,long-term financial performance changes and incentive object changes.The third part is to compare MESNAC of equity incentive in the growth period with the Saixiang of equity incentive in the mature period of the same industry,so as to find that the effect of equity incentive is better when the factors are set in full consideration of the life cycle of the enterprise.The fourth part is inspiration and suggestions,comprehensive implementation and reason analysis,from improving the index evaluation system and formulating section.This paper puts forward some reasonable suggestions on the possible problems in the process of equity incentive design,such as the conditions of exercising rights,the purpose of implementing incentives,and the life cycle design of enterprises.