| On August 5,2018,the State-owned Assets Supervision and Administration Commission of the State Council issued the Notice on Printing and Distributing the "Double Hundred Action" Work Plan for the Reform of State-owned Enterprises,marking that the "Double Hundred Action" entered into practice from the concept.The "Double Hundred Action" is an inevitable requirement and an important measure to further promote the reform of state-owned enterprises.One of the highlights of the "Double Hundred Action" is to encourage "Double Hundred Enterprises" to learn and implement the existing medium and long-term incentive path,and comprehensively use different incentive methods such as equity incentive and employee stock ownership,rather than blindly follow the successful enterprises to implement "employee stock ownership".At the same time,the "Double Hundred Action" supports enterprises to explore and improve the market operation mechanism.Up to now,the "Double Hundred Enterprises" have achieved significant results in implementing equity incentive mechanisms,providing some practical materials for theoretical research.Based on this,this article selects Yunnan Yuntianhua Co.,Ltd.(referred to as "Yuntianhua")as a case company to analyze and evaluate whether the implementation of equity incentives by Yuntianhua can have a positive effect on the enterprise.The research ideas of this paper are as follows: Firstly,review the literature on equity incentives,and then propose the research content and significance;Secondly,based on the theories of agency theory,human capital theory,and incentive theory,evaluate the implementation effect of Yuntianhua’s equity incentive from two aspects: financial effect and non-financial effect;Finally,based on specific analysis,relevant suggestions are proposed,hoping to provide some reference for Yuntianhua and other state-owned enterprises in the implementation of equity incentives,so that Yuntianhua can better play a demonstration role,guide other state-owned enterprises to standardize the implementation of equity incentives,and promote the development of state-owned enterprises.After research,this paper draws the following conclusions: First,after the implementation of equity incentives,the market response of enterprises is better;Secondly,the implementation of equity incentives can improve financial performance on the whole,but there is no obvious change in the development capacity;In addition,the implementation of equity incentive can also effectively reduce agency costs;Then,the implementation of equity incentives can play a better governance effect,helping to retain the company’s management;Finally,equity incentives are beneficial to the pilot enterprises in the "Double Hundred Action" to attract talents,improve scientific research and innovation capabilities and market competitiveness.Based on the above conclusions,this paper puts forward the following suggestions: First,select the appropriate equity incentive model;Second,select the scope of incentive objects;Third,the setting of evaluation indicators is diversified. |
