The Design And Implementation Effect Of Equity Incentive Scheme Of State-owned Holding Listed Companies

Equity incentive is one of the most important ways in the process of corporate governance.It is the most symbolic measure in modern management.The impact of equity incentive on corporate performance has been the focus of academic research for a long time.However,there has been no agreement on various research conclusions with equity incentive as the core.What is the way of equity incentive for enterprises? Whether the effect of equity incentive is obvious or not has been the scope of academic discussion.With the fierce market competition and the new situation of the reform of state-owned enterprises,the huge demand for talents and funds,etc.,impel the stateowned enterprises to put forward new requirements for the existing corporate governance mechanism.It is urgent to improve the existing governance mechanism,and equity incentive is considered to be conducive to solving the above problems.A large number of state-owned enterprises take their listed companies as the pilot,and regard equity incentive as An important means for a company to improve its incentive mechanism.As the state-owned enterprises holding listed companies,whether equity incentive has obstacles in the legal compliance,whether it will lead to the situation of profiteering at the expense of the public,and how the most important incentive effect are also widely studied and aimed at solving the problem.Based on the background of deepening the reform of state-owned enterprises and the research results of existing equity incentive,combined with the advantages of the author's geographical location,this paper selects "Nantian information" of A-share listed companies in Yunnan Province as the main object of case study.First of all,it expounds and analyzes the mechanism and intrinsic motivation of equity incentive from the perspective of theory,and then over to the equity incentive scheme design and effect analysis of Nantian information itself.At the same time,it also introduces the employee stock ownership plan implemented by Nantian information in 2018,and compares it with the equity incentive scheme.Finally,in the analysis of the equity incentive effect of Nantian information,it analyzes the implementation effect of the equity incentive plan from multiple perspectives.In the end,we get many conclusions,among which the conclusion of the scheme itself,including the design of the equity incentive scheme of Nantian information,is defective,which leads to the unsatisfactory effect of the final incentive.In the whole process,the author tries to analyze and explain the actual effect of equity incentive in the listed company,which is a special subject of state-owned capital holding company,so as to provide reference for the way and strength of equity incentive in the process of state-owned enterprise reform and enterprise management.Through the detailed analysis of Nantian information,a representative case,in order to reduce the incentive subject to state-owned holding listed companies,it can make the conclusion more applicable,and further improve the accuracy of the study.Finally,through the research and analysis of the author,the author puts forward constructive suggestions for corporate governance,emphasizes the independence of equity incentive scheme formulation and proposes to build corporate culture to change the single material and monetary incentive.The author believes that it can play a positive role in the current wave of state-owned enterprise reform,and has innovation and operability.Including: the formulation of the company's equity incentive plan should be independent and professional,which can be achieved by granting the right to formulate the plan to independent directors or experienced intermediaries;the conditions for exercising the right,performance indicators,etc.should eliminate the interference of earnings management and other factors as far as possible,so that the company's performance level can be truly reflected;state-owned background listed companies and a wide range of Companies The state-owned enterprises should pay attention to the construction of corporate culture.For the incentive part of corporate governance,there is not only one way of money incentive,and how to effectively use money incentive is not only two ways of equity incentive and employee stock ownership plan.For the external regulatory agencies,the author emphasizes the necessity of improving laws and regulations and the necessity of information disclosure along with the whole process of equity incentive,and suggests that the government and relevant regulatory departments should change the external environment from these aspects,so as to make the equity incentive or other governance means of state-owned holding listed companies play an effective role.