An Analysis Of The Motivation And Implementation Effect Of Equity Incentives At Different Stages Of S Company

As a long-term compensation incentive mechanism,equity incentives are currently commonly used by listed companies.The working principle of the mechanism is: The enterprise grants an incentive to the employees of the enterprise to obtain the rights of the company 's stock or the income linked to the stock by designing and implementing an equity incentive plan,but whether the right is finally obtained depends directly on the Whether the target of the incentive can meet the various assessment indexes set in the equity incentive plan designed by the enterprise.Adopting this kind of incentive method can largely circumvent the frustration of employees 'enthusiasm that was directly paid to management in the past and the salary gap of other departments was too large.It can effectively encourage employees to realize their own value and enhance the overall value of the company.To achieve the goal of inspiring and retaining core talents of enterprises,solving the principal-agent problems faced by modern enterprises,and improving the core competitiveness of enterprises.Since the split share structure reform,Chinese companies have successively introduced equity incentives into the corporate talent incentive framework.However,the implementation of equity incentives in Chinese enterprises is less than 20 years,and there are many problems in the implementation process.The incentives for equity incentives implemented by the same company at different stages of property rights are significantly different,and there are huge differences in the effects of implementation.In this regard,this paper selects S company as the object of the case study.First,it analyzes the similarities and differences of the characteristics of the equity incentive plan implemented by S company in the two stages of private and foreign holdings.Secondly,from the differences in the characteristics of the equity incentive schemes implemented by the S company in two stages,it is found that the motivations of the equity incentive schemes implemented in the two stages are significantly different: the private stage equity incentive schemes are more "welfare-type",while the foreign investment stage The solution is more in line with the needs of modern enterprises to solve the principal-agent problem.Once again,through comprehensive analysis of market response,agency costs,financial indicators and non-financial indicators,the implementation effect of the S company's equity incentive plan in the private and foreign phases is analyzed.By calculating the excess return rate and cumulative excess return rate of S company before and after the implementation of the two-stage equity incentive program to roughly assess the short-term market response of investors;by comparing the changes in agency costs during the implementation of the twostage equity incentive program of S company Reflect the effectiveness of each program;bycomparing the profitability,solvency,operating capacity,development capacity and other indicators of S company's two-stage equity incentive program during the implementation to reflect the different effects of different programs on S company's financial performance;comparative analysis The impact of the R & D and innovation capabilities of S companies at different stages before and after the implementation of equity incentive programs to reveal the impact of each program on S companies' non-financial performance.Finally,an overall evaluation of the equity incentive plan implemented by the S company in the private and foreign phases was carried out,and the successes and deficiencies that needed to be learned were drawn,which provided some reference value for the enterprise to formulate an equity incentive plan that suits its own situation.Suggestions.