| With the rapid development of society,professional talents with scientific management and core technology have become increasingly scarce and irreplaceable human capital for enterprises.However,the introduction of talents may cause the separation of ownership and management right and thus cause agency contradiction.At this time,enterprises will choose to launch equity incentive,that is,to give part of equity to operators and let them participate in management and decision-making as shareholders,which can alleviate the principal-agent contradiction to a certain extent.In recent years,many companies in China have begun to implement equity incentive schemes,and its importance in the new economic era has gradually emerged.However,due to the imperfect domestic capital market and the lack of experience in the practice of equity incentive,many companies’ incentive plans are not perfect.Therefore,this paper combines theoretical analysis with case analysis to carry out relevant research,which is of great significance to improve the practical application of equity incentive.As one of the few enterprises that have successfully implemented the equity incentive plan in succession,huichuan technology has successfully launched the phase iii equity incentive plan.The case study has strong representativeness and can be used as a reference for the enterprises that have implemented the equity incentive plan in the later stage.In this paper,based on the related theory of equity incentive,huichuan technology on the implementation of equity incentive motivation and proposal as a starting point,analysis of the company after the implementation of equity incentive mechanism to produce changes in many aspects,from equity incentive model,incentive object,the differences between the performance index,etc,to comb the scheme of every period and evaluated.From the market response,business performance,staff changes and research and development results and the establishment of a performance appraisal system,to the equity incentive effect of a multi-dimensional analysis.In the announcement stage of equity incentive scheme,the market performance of huichuan technology after the announcement of equity incentive scheme was observed using the event research method,and the change of cumulative excess return rate was selected for analysis.In the implementation stage,the company’s business performance changes are analyzed based on financial indicators,employee changes and r&d results are analyzed based on non-financialindicators,and the impact of the implementation of equity incentive on the establishment of the company’s performance appraisal system.The study found that the equity incentive of huichuan technology indeed brought wealth effect to the company,with a significant positive cumulative excess return rate,and obtained a good market response,improving the enterprise value.From the perspective of corporate finance,equity incentive improves the company’s business performance and lays a good foundation for the healthy and sustainable development of the company.From the perspective of the influence of equity incentive on non-finance,it attracts more high-quality talents,improves the innovation ability of the company,improves the long-term incentive mechanism and improves corporate governance.At the same time,in this paper,aiming at the existing problem of huichuan technology equity incentive plan,such as: single incentive mode,exercise conditions the threshold is too low,the analysis and put forward the relevant optimization advice,assessment company when making the design should be reasonable to establish elastic exercise price,time limit and make appropriate adjustments incentive reasonable performance standards.Finally,in order to ensure the smooth progress of the equity incentive mechanism,the external market environment should improve the relevant laws and regulations system,enterprise should optimize the corporate governance structure,and reasonably determine the incentive mode according to its own situation. |
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