Research On Pricing And Economic Effects Of Listed Companies' Equity Incentive Options

The equity incentive system first appeared in the United States in the 1950s and expanded around the world in the 1990s.With the rapid development of economy,the gradual separation of management rights and ownership,the conflict of interest between shareholders and management of the principal-agent relationship appears,in order to coordinate the interests of managers and shareholders,so that it is agreed to reduce the management in order to achieve their own interests and affect the sustainable development of enterprises,the equity incentive system has emerged.As a leading enterprise in the dairy industry,Yili Group tries to study the equity incentive plan twice in time to provide a reference for other enterprises and some useful reference for the development of equity incentive in China.This paper mainly adopts the case study method,combined with domestic and foreign literature research,based on the principal-agent theory and human capital theory,and takes the two-time equity incentive scheme of Yili Group as the main research object.First of all,from the basic overview of enterprises,the composition of the main business,corporate governance structure and equity structure and other four aspects of the case theme of Yili Group was introduced,Yili Group two equity incentive scheme sifted vertically,from the establishment of the listed company's equity incentive scheme,compared the Yili Group's two equity incentive programs six equity incentive elements,and then the options pricing and accounting treatment of the two options were compared.Finally,the impact of two equity incentives on the group's performance is analyzed from the aspects of financial performance and non-financial performance.In terms of financial performance,this paper analyzes the performance of Yili Group before the implementation of equity incentive and after the implementation of equity incentive,and analyzes the market changes and human resources situation from the financial data such as profitability,solvency,enterprise growth ability and stock price changes.Finally,the Yili Group equity incentive as a research sample,the case study,and finally the theory and case study combined to the Yili Group equity incentive program to put forward constructive views.On the basis of case analysis,the following enlightenments are drawn:First of all,we should improve the improvement and support of the external market environment,from the construction of a standardized and reasonable manager market to perfect the relevant laws and regulations on equity incentives.Starting from the internal system environment,we should formulate scientific performance evaluation index and exercise conditions,improve the information disclosure of the parameters of the option pricing model and the final scientific setting of the exercise price in the accounting estimate.