Research On Equity Incentive Scheme Of State-owned Companies

As a long-term effective incentive,equity incentives have become an important incentive mechanism for many companies.Compared with foreign mature capital markets,China's equity incentives started relatively late.In 2006,China Securities Regulatory Commission issued the "Regulations on Equity Incentives for Listed Companies(Trial)" and other laws and regulations.Chinese enterprises began to explore equity incentives and entered rapid growth stage.However,compared with the growth rate of private enterprises that implement equity incentives,they are subject to more stringent policy regulations and review procedures.The process of implementing equity incentives by state-controlled listed companies is relatively slow.After 2015,the central government accelerated the pace of reform of state-owned mixed ownership.With the continuous advancement of state-owned enterprises,more and more state-owned listed companies began to implement equity incentive plans.However,how to rationally design the equity incentive plan to obtain the expected effect of equity incentives under the strict institutional background has become a problem that hinders many enterprises.The communication equipment manufacturing industry belongs to the high-tech industry,and it is an industry that implements more equity incentives in state-owned listed enterprises.Therefore,this paper takes the representative enterprise of the industry,Accelink as an example,comparing the three-phase equity incentive plan.Different designs of incentive mode,exercise conditions,incentive objects,etc.,analyze the continuous improvement of incentive quantity and exercise conditions in the three-phase incentive plan,and the defects of each stage of incentive plan.Then,this paper further evaluates the incentive effect of the different incentive schemes of Accelink from the short-term market reaction,long-term financial performance,personnel turnover and innovation ability.Finally,under the premise of reasonable design of incentive schemes and exercise conditions,equity incentives can effectively improve the financial,non-financial performance and innovation ability of state-owned listed companies,reduce the flow of senior executives,and reduce agency costs.Improve the governance structure of state-owned listed companies.Through the research on the equity incentive scheme of Accelink,this paper puts forward some suggestions in combination with the research conclusions,in order to provide ideas and references for other state-owned listed companies in the practice of equity incentives.