The Influence Of Equity Incentive On Family Business Performance In The Process Of Defamilialization

Private enterprises account for a relatively high proportion of the total number of enterprises in China,and family enterprises are an important part of private enterprises.At present,due to the increasing number and scale of family enterprises,and the high concentration of ownership and management rights,the development of enterprises is seriously shackled by the "family".Therefore,implementing equity incentives,to solve the principal-agent problem,and to maintain the value resonance of interest convergence is the way for family enterprises to achieve stability and prosperity.However,there are differences in the design and implementation of equity incentive schemes.For example,the equity incentive plan in the stage of complete family tends to seek the welfare for family members,while de-familialization will weaken the welfare and make the development of enterprises more market-oriented.This paper takes Sun Paper Co.,Ltd.as a research case.The reason is that it carries out equity incentive in both the full family stage and the de-familialization stage,which is in line with the research thinking of this paper based on the comparative analysis of the design and implementation of equity incentive plans in different stages based on incentive theory.The design aspect mainly compares and analyzes the incentive time point,incentive mode,incentive object and performance conditions of enterprise equity incentive.For the implementation of the equity incentive plan,this paper mainly compares and analyzes the short-term market response,financial indicators and non-financial indicators.And select Bohui Paper,which is a family enterprise and has not implemented equity incentive,as a comparison to analyze the impact of equity incentive on the financial indicators of the enterprise.The research finds that:(1)The design of equity incentive in the full family stage is not reasonable enough,so the incentive intensity is not enough,and the improvement of enterprise performance is not as obvious as the equity incentive in the de-familialization stage.(2)The two equity incentives in the stage of de-familialization draw on the experience of the first time in the design,so the design is more reasonable,the promotion of financial indicators and non-financial indicators is more obvious,and the incentive intensity is greater.