| With the separation of management right and ownership in modern enterprise system,the principal-agent problem also arises,and equity incentive came into being to alleviate the increasing principal-agent contradiction.In 2005,more and more listed companies implemented equity incentive,so as to reduce agency costs,improve corporate governance and enhance competitiveness.However,due to the relatively late start of equity incentive in China and the continuous improvement of its relevant laws and regulations,considerable number of listed companies fail to achieve the expected results,and there are still problems worth studying in the practical level of equity incentive of all listed companies in China.Therefore,this thesis mainly stands in the current environment of China’s capital marke.Taking GAC group as the research object,this paper constructs system of equity incentive of GAC group,analyzes and evaluates the implementation effect of the two phases of equity incentive,obtains the case enlightenment and puts forward relevant suggestions through reading the relevant literature of equity incentive and combing its relevant overview and theory.Firstly,this paper combs and summarizes the relevant literature on the implementation motivation,influencing factors and implementation effect of equity incentive,defines the concept of equity incentive and expounds the relevant theories,so as to lay the foundation for the analysis and evaluation of the following text.Secondly,this paper makes a brief introduction to GAC group,and briefly analyzes its specific implementation plan.Then,this paper constructs an evaluation system according to the theoretical basis,and analyzes the implementation effect of equity incentive of GAC group from four perspectives:financial performance,non-financial performance,market response and economic added value.Finally,combined with the above analysis and research,this thesis summarizes the Enlightenment of the case and puts forward improvement suggestions according to the problems worthy of reference,such as the imperfect design of performance appraisal indicators,the too single incentive mode,and the lack of effective supervision in the implementation process of equity incentive Adopt a compound equity incentive model and effectively supervise the implementation process of equity incentive to improve the implementation effect of equity incentive.After research,it is found that equity incentive is a long-term incentive behavior.Equity incentive helps to improve the company’s incentive mechanism,avoid operators’ short-sighted behavior,improve core competitiveness and management level,and improve employees’ work enthusiasm and loyalty.This thesis is expected to provide some reference for other enterprises in the process of implementing equity incentive. |
