Research On Implementation Effect And Optimization Of The Restricted Stock Equity Incentive Plans Of M Companies

Since 1990 s,equity incentive system has been applied to Chinese enterprises.It has experienced the development of society and the improvement of capital market,and has taken shape.In addition,the Chinese government has issued relevant policies to encourage enterprises to actively apply equity incentive to improve enterprise management system.Equity incentive has always been the concern of scholars at home and abroad,many scholars have studied equity incentive.Their research focuses on the empirical study of the relationship between equity incentive and corporate performance.Only a small number of case studies on company specific analysis are available.M company is a state-owned holding high-tech listed company focusing on scientific research.Facing the fierce competition in the industry and the loss of internal scientific research personnel,the company has launched four phases of equity incentive schemes since 2010 to attract and retain high-end talents and improve the company's performance.However,in the process of implementation,there is no evaluation of the implementation effect,and it is difficult to find the problems in the design of equity incentive schemes.I hope to provide ideas for the optimization of equity incentive schemes of M company through this study Road.This paper uses the method of combining theoretical research and case study to introduce M company,analyze the content and implementation status of M company's equity incentive program,and evaluate the impact of M company's equity incentive program elements on the implementation effect.Through the event study method,AR and car are used to evaluate the capital market response after the implementation of equity incentive,financial performance after equity incentive is evaluated through the analysis of financial indicators,and non-financial performance is evaluated by the change of employee mobility and innovation ability.On the basis of analysis,it is found that there are some problems in M company's equity incentive plan,such as loose performance evaluation conditions,single evaluation index and short incentive period.Aiming at these problems,the paper puts forward some suggestions for optimizing the equity incentive plan: making performance evaluation standards in combination with the economic environment,extending the validity of the incentive,strengthening the supervision of the design and implementation of the equity incentive plan,and timely providing the equity incentive information Dew.Make the equity incentive achieve more ideal incentive effect,improve the management efficiency and scientific management level of equity incentive,and improve the performance of the company.Through the above research and analysis of the implementation effect of the equity incentive plan,it has a certain reference value for the high-tech industry enterprises to improve the equity incentive plan.It can be used for reference for the high-tech industry listed companies that plan to implement the equity incentive plan,and then make an effective equity incentive plan based on their own characteristics.To verify the rationality of the relevant policies and regulations in China will play a certain role in improving the management system and relevant policies of the equity incentive system in China.