Study On The Effectiveness Of Equity Incentive Of Listed Companies

Only in 2006 did China put forward the management method of equity incentive on trial,Although China has been studying the stock incentive system,it has not come to a consistent conclusion.Based on the research results of foreign scholars,our country has not formed a stock incentive mechanism matching its own country,industry and even its own company.Since the first formal implementation of equity incentive plans in China in 2006,Yili shares have been involved,and then again in 2016,in the second place When the second incentive plan had not been completed,in August 2019,Yili shares proposed a third equity incentive plan,which had a significant impact in society.The purpose of Yili's stock decline and equity incentive system seemed to be contrary,and some people were not optimistic about Yili's implementation of the equity incentive plan.In 14 years,Yili shares have been encouraged three times,and the implementation of the plan again before the end of the second time,which proves that the equity incentive plan is beneficial to the development of the enterprise itself,but the enterprises who study the implementation of the equity incentive in our country find that the effect of the implementation is not very consistent with the expectation,and there must be some problems,which can be solved later.It is more beneficial to solve the problem of separation of two rights and the long-term development of enterprises.Combining with the research results of domestic and foreign stock incentive mechanism,this paper studies the incentive plan of Yili stock as much as possible.Through the analysis of the background,motivation,incentive elements and incentive effect of the three-time stock incentive plan,the paper analyzes the value of each stage equity incentive,whether the condition design is reasonable or not,finds out the advantages and disadvantages of each stage,sees the progress of the development of the equity incentive in our country,then selects the bright dairy industry with similar situation in the same industry,and carries out the horizontal comparative analysis of the ternary shares without implementing the equity incentive to study the rationality of the incentive condition setting,compares the change with the industry value,and excludes the influence of the external factors.Through the study of Yili shares and other dairy enterprises,the difference between the industry and the development of Yili equity incentive effect.In this research and analysis,to find out the advantages of our enterprises to implement the incentive plan may also exist loopholes to improve,through a thorough study of Yili,let us open up thinking,let the dairy industry and even other industries in the implementation of equity incentives to consider the plan more comprehensive,the setting of conditions more reasonable.This is very important for enterprises to design their own characteristics of equity incentive plan for reference.