| Nowadays,with the continuous improvement of modern enterprise system and corporate governance,equity incentive has become the main way to solve the principal-agent problem.The scientific incentive scheme can bring good economic benefits to enterprises.Due to the increase of crop area and the difficulty of pest control,the use of pesticides increases year by year,resulting in the increase of pesticide production cost,and also affects crop quality and ecological environment safety.In response,the Ministry of Agriculture issued the Action Plan for the Zero growth of pesticide use by 2020,which clearly requires enterprises to produce green,environmental protection and strong medicinal products in the future.As a result of the improvement of product quality requirements,the profits of the whole industry have been significantly reduced,and enterprises are facing the risk of operating losses.In this context,the implementation of equity incentive can attract a large number of core talents to innovate the production mode and produce more efficient pesticides to improve the company’s economic benefits.Mature enterprises are more willing to use restricted stock incentive,because mature enterprises have sufficient funds but limited growth space,and they have requirements on the years and performance assessment of the incentive object,so as to urge the incentive object to pay attention to the long-term development of the company and reduce the operation risk of the company.Therefore,this paper chooses Limin Stock,a mature pesticide manufacturer,as the research object to study the motivation,scheme and effect of its implementation of three restricted stock incentives.This paper first reviews the domestic and foreign research results of restricted stock incentive,defines related concepts,and reviews the theoretical basis of this study and the mechanism of restricted stock incentive.Secondly,it summarizes the background of Limin Stock’s implementation of restricted stock incentive,and combs and compares the three restricted stock incentive schemes in detail.Then,the implementation effect of Limin restricted stock incentive is analyzed from financial index,market response,economic added value and non-financial perspective.To be specific,this paper firstly analyzes the influence of restricted stock incentive on Limin’s financial condition.Secondly,calculate and analyze the market response and economic added value of the incentive plan;Finally,from the perspective of non-financial analysis of the company’s research and development ability,the overall quality of employees,product sales changes.The analysis results show that the restricted stock incentive plan implemented by Limin has stabilized the management talents,attracted the core talents,improved the company’s sales ability and research and development ability,and promoted the improvement of part of the financial performance,achieving the expected effect of the implementation of the restricted stock incentive plan.Finally,combined with the results of the case analysis,the problems existing in the incentive plan of the company are put forward.This paper aims at the research conclusion of Limin Stock restricted stock incentive case,which can provide reference for listed companies in the same industry to improve the effect of restricted stock incentive. |
