| As one of the earliest special economic zones in China,Shantou’s market economy has developed rapidly,and private economy plays a leading role in Shantou’s economic development.In the special economic and geographical environment of Chaoshan,the private companies in Shantou have strong Chaoshan and Chaoshan merchants cultural characteristics in corporate governance,and most of them are family-based governance.However,talent is the first resource and plays a key role in the development of the company.With the expansion of the scale of private enterprises and even the listing of companies,it is necessary to constantly introduce external talents to adapt to the company development.As a long-term incentive mechanism,equity incentive helps enterprises attract and retain core talents,improve the enthusiasm of employees and management efficiency and enhance the company’s performance.With the standardized development of equity incentive in listed enterprises,22 of 32 private listed companies in Shantou have implemented equity incentive.The design and implementation of equity incentive plan of Shantou private listed companies is carried out under the background of strong cultural characteristics of Chaoshan and Chaoshan merchants.Taking Yihua life as an example,this paper analyzes the design and implementation effect of two equity incentive schemes by comparing with industry competitors.It summarizes the problems existing in equity incentive and analyzes the causes,which will give enlightenment to the formulation and implementation of equity incentive scheme for Shantou private listed companies in the future.Through the case study,the equity incentive scheme design of Yihua life is unreasonable and fails to play a good role.It is mainly affected by many factors,such as the corporate ownership structure,governance model under the background of Chaoshan culture,the identity of senior executives,the schematic design,the moral hazard of senior executives,and the needs of tax planning.Through the research,the following conclusions are drawn:(1)the implementation effect of equity incentive of Yihua life is not obvious;(2)the design of equity incentive scheme of Yihua life is not reasonable;(3)the application of equity incentive of private listed companies in Shantou is not ideal;(4)whether the equity incentive is successful will be affected by the design of incentive scheme;(5)equity incentive of private listed companies in Shantou is affected by the Chaoshan culture with obvious regional characteristics.This study provides a certain reference for other private listed companies in Shantou under the same regional cultural background,and provides enlightenment for the formulation and implementation of equity incentive scheme in the future. |
