Research On The Effect Of Supor's Equity Incentive Under The Context Of De-familiarization

After 40 years of development,China's,family enterprises are faced with the problem of generational transmission.Some of the family business "de-familiarization" strategy makes the traditional principal-agent problem resurfaced.Therefore,many family companies choose to implement executive equity incentive plan.Supor is one of them.Based on the principal-agent theory,this paper analyzes the implementation effect of Supor"s equity incentive under the background of "de-familiarization".Based on the introduction of Supor,the article mainly introduces the process of de-familiarization.After that,the thesis introduces in detail the four equity incentive plans of Supor from 2006 to 2017.And on th is basis,from the market reaction,the added value of economy,the traditional financial performance and non-financial performance of the four dimensions analysis the supor effect of equity incen tive plans:(1)the market reaction,usin g event study method,respectively,with the benchmark csi 300 index and shenzhen stock equity incentive four times from 2006 to 2017 was calculated the accumulation of excess yields CAR,results sh owed that in 2006 and 2013,the implementation of equity incentive plans to market reaction is more positive,the two remaining relatively weak market reac.tion;(2)the value of economic growth,the economic value added(EVA),and add to the enterprises foster and sun shares,Supor is analyzed from 2006 to 2017 four equity incentive plans to its absolute profitability and the influence of the relative profitability,the result shows:the Supor in 2006 and 2013,the added value of equity incentive plan of its economic positive influence is more obvious,and the year-on-year growth rate is higher;,In the long run,the Eva of Supor has been increasing continuously.Compared with ASD and Joyoung shares,the Eva of Supor has exceeded or even doubled that of Joyoung since the implementation of equity incentive plan in 2013.(3)traditional financial performance.By com paring with the average standards and benchmarked enterprises in the same industry,this paper analyzes the influence of four Supor equity incentive plans from 2006 to 2017 on the enterprise's profitability,development ability,operation ability and debt paying ability.The longitudinal comparison results show that:In 2006 and 2013 equity incentive plan for the promotion enterprise's profit ability and development ability effect is more obvious,incentive plan in 2012 in many other aspects of financial performance performance than other incentive plan every period,in terms of operating capacity and debt paying ability,no significant effects on the equity incentive plan as a whole,only play a role in maintaining normal index;According to the results of horizontal comparison with the target enterprises and industry averages,Supor's profitability,development ability and debt paying ability are all relatively good,especially after the implementation of the equity incentive plan in 2013.But in terms of operational capacity performance slightly worse than Joyoung;(4)non-financial performance.This paper has also analyzed the influence of Supor's four-term equity incentive plan from 2006 to 2017 on market share,innovation ability,talent turnover rate and brand value,etc.It has found that its market share and innovation ability have been continuously improved,talent turnover rate has been continuously reduced,and brand value has been continuously enhanced.Finally,the paper summarizes the success and shortcomings of four times of Supor equity incentive and puts forward some Suggestions for improvement.The research of this paper is helpful to understand and understand the agency problem in the process of "de-familiarization" of family business and the executive incentive problem.More importantly,the study of this paper is conducive to a reasonable assessment of the actual influence and shortcomings of executive incentives in the context of "de-familiarization" of family businesses,and provides references for the design of executive incentives in other family businesses in the future.