Research On Restricted Stock Incentive Of State-owned Listed Companies

For state-owned listed companies implement restricted stock incentive,economists at home and abroad,according to the state public disclosure of information of listed companies to carry out research,through the analysis of many cases,found that the restricted stock incentive and corporate performance is not a must be a positive correlation,the results can be positive correlation,has little to do,no matter,or even negative correlation.Visible state-owned listed companies implement the restricted stock incentive,and its results are not necessarily conducive to enterprise,in some cases even harm the interest of the owners in an state-owned listed companies,internal management confusion,not conducive to the development of the state-owned listed companies in the future,so enterprise implementation of restricted stock incentive is not blindly follow suit fast,not all companies are suitable for implementation of the restricted stock incentive.Therefore,through the case analysis of the state-owned listed companies that have implemented the restrictive stock incentive and achieved good results,the reasons and conditions for their success can be analyzed,providing examples and enlightenment for other state-owned listed companies to implement the restrictive stock incentive.This paper reviews the achievements made by domestic and foreign economists on the effect of equity incentive on corporate performance by means of literature research.Through the case study method to the state-owned listed enterprises of China construction group research;The information and financial data disclosed by Hujian group from 2016 to 2019 were analyzed and studied through qualitative and quantitative analysis.The enderle group to implement the restricted stock incentive plan after the enderle group in the first half of 2019 operating income than the same period in the first half of 2018 growth rate as high as 21.10%,higher than the enderle group in 2017 and 2018 operating income growth ratio,current asset turnover,total assets turnover enderle group such as index and comparison of the same period in the first half of 2018 has increased in the first half of 2019 current assets turnover compared with the same period in 2018 increased by 4.57%,the total asset turnover is increased by 2.12%,All these reflect that the restricted stock incentive plan implemented by huacheng group has played a certain incentive effect.However,although the weighted average return on equity increased to some extent in the first half of 2019,it still failed to meet the requirements of the lifting of restrictions on sales performance,which to some extent indicates that the incentive effect of restricted stock incentive plan has not been fully exerted.Flow from enderle group,asset turnover and total asset turnover increase or decrease,increase or decrease in 2018 and 2019 in the first half of the enderle group,current assets turnover and total asset turnover,though all its growth,but in the first half of 2019 current assets turnover and total asset turnover growth rate slows significantly,it also reflects the restricted stock incentive and failed to give full play to the incentive plan.The effect of the restrictive stock incentive plan formulated by Hujian group is not very ideal,mainly because the restrictive stock incentive plan formulated by Hujian group has the problems of relatively single performance evaluation index selection,relatively simple setting of unlocking conditions and relatively low proportion of equity incentive.For enderle group restricted stock incentive schemes of specific issues,formulate the corresponding optimization strategy,should put forward by choosing diversified performance appraisal index and improve the incentive object personal unlock condition,make different evaluation work,reasonable design of lift the restricted condition,expand the scale of the incentive and incentive measures such as the scope,further to the restricted stock incentive scheme optimization,more work to stimulate the incentive object,create greater market value.