A Study on Stock Option of Chinese Private Enterprises : Focusing on Wangsu Science & Technology Co., Ltd. = 중국 민영상장기업의 스톡옵션에 관한 연구: 왕수 기업을 중심으로

다국어 초록 (Multilingual Abstract)

Since the equity incentive system entered China in the 1990s, it has achieved rapid development. In 2018, there are 409 listed companies implementing equity incentive in China, and in 2019, 337 listed companies implementing equity incentive. Equity incentive mechanism has become a very important incentive mechanism for Chinese listed companies. In this paper, through the case study of the status quo of equity incentive of Wangsu Technology Co., Ltd., we study the equity incentive of private listed companies in China and find out the Countermeasures for the continuous improvement and development of equity incentive, which is of great significance. From the theoretical point of view, it can theoretically improve the research on the equity incentive theory of the private listed companies in China; from the practical point of view, this paper takes nethome technology as the research object and case to conduct in一depth research on the development of the equity incentive system in China and find out the problems in the implementation process of the equity incentive system in China, so as to take targeted measures according to the relevant theories It can effectively promote the equity incentive policy to play a better role, which has played a huge role in promoting the efficient implementation of equity incentive policy for Chinese companies, especially private listed companies.
This paper studies the equity incentive system through literature research and case study. The research on equity incentive starts from the background, significance, research content and methods of the topic. Then, it introduces the related literature review of equity incentive, including the theoretical review, namely the concept and elements of equity incentive, and discusses the theoretical review of equity incentive Equity incentive research institute needs a series of theoretical knowledge, which are incentive theory, principal一agent theory and human capital theory, to ensure that the following discussion has sufficient theoretical basis. Next, it describes the practical background and problems in practice of equity incentive of private listed companies in China, including the practical background of equity incentive of private listed companies in China, the main models of equity incentive of private listed companies in China, and the problems in equity incentive in China. The gentleness of equity incentive in our country includes unclear understanding of the purpose of equity incentive, failure to achieve actual results, the control of equity incentive by the company's management, the lack of fairness, the imperfection of the company's performance system in equity incentive, the imperfection of the professional manager market, the failure of the capital market to reflect the real value of listed companies, and the need for further improvement of national policies and regulations. Then take netsuke technology as an example to analyze the equity incentive, including the background of equity incentive of netsuke technology company, the implementation process of equity incentive, the characteristics of equity incentive of netsuke technology company, find the existing problems of equity incentive of netsuke technology company, and according to these problems, explore effective countermeasures theoretically and practically In order to recognize the purpose of equity incentive, we should strengthen the system construction; strengthen the supervision of equity incentive system, strengthen the equity of equity incentive; strengthen the construction of performance evaluation standards in equity incentive; strengthen the construction of capital market and manager market; improve the relevant laws and regulations of equity incentive. We hope that these countermeasures can provide reference for the improvement of equity incentive system of Wangsu technology company and similar companies. It can provide reference for the improvement of equity incentive system of Wangsu technology company and similar companies.

목차 (Table of Contents)

• Contents
• I. Introduction 1
• 1.1 Background and Significance of the Topic. 1
• 1.1.1 Background of the Topic 1
• 1.1.2 Significance of the Topic 4
• 1.2 Research Contents and Research Methods 5
• 1.2.1 Research Contents 5
• 1.2.2 Research Methods 6
• 1.3 Research Structure and Innovative Points. 7
• 1.3.1 Research Structure 7
• 1.3.2 Innovative Points of the Paper 9
• II. Relevant Theories and Literature Review . 10
• 2.1 Concept of Equity Incentive 10
• 2.2 Types of Equity Incentives 12
• 2.3 Theoretical Basis of Equity Incentive. 19
• 2.3.1 Incentive Theories 19
• 2.3.2 Principal-Agent Theory 19
• 2.3.3 Human Capital Theory. 20
• 2.4 Literature Review 21
• 2.4.1 Review of Foreign Literature. 21
• 2.4.2 Review of Chinese Literature. 24
• 2.4.3 Literature Review. 28
• III. The Practice of Equity Incentives of Private Listed Companies in
• China and Their Problems 30
• 3.1 Practice Background of Equity Incentives of Private Listed Companies in
• China. 30
• 3.2 Main Models of Equity Incentives of Private Listed Companies in China. 33
• 3.2.1 Performance Stocks 33
• 3.2.2 Stock Options. 34
• 3.2.3 Phantom Stocks 35
• 3.2.4 Stock Appreciation Rights 35
• 3.2.5 Restricted Stocks 36
• 3.2.6 Deferred Payment. 36
• 3.2.7 Shareholding by Employees. 37
• 3.3 Problems in Equity Incentives of Private Listed Companies in China. 37
• 3.3.1 The Purpose of Equity Incentive is not Clear and Has no Effect. 37
• 3.3.2 Equity Incentives are Controlled by the Company Management Layer and
• Lack Fairness. 39
• 3.3.3 The Performance System of Equity Incentives is not Perfect 41
• 3.3.4 Problems in Other Aspects. 41
• IV. Analysis on Equity Incentive Process and Results in Wangsu Science &
• Technology Co., Ltd 45
• 4.1 Background of Equity Incentives in Wangsu Science & Technology Co., Ltd.
• 45
• 4.1.1 Profile of Wangsu Science & Technology Co., Ltd 45
• 4.1.2 Necessity for Wangsu Science & Technology Co., Ltd. to Implement
• Equity Incentives. 47
• 4.2 Implementation Process of Equity Incentives in Wangsu Science &
• Technology Co., Ltd 50
• 4.2.1 Objectives of Equity Incentives in Wangsu Science & Technology Co.,
• Ltd. 50
• 4.2.2 Motivated Objects of Equity Incentives in Wangsu Science & Technology
• Co., Ltd 51
• 4.2.3 Operating Model and Practice Method of Equity Incentives in Wangsu
• Science & Technology Co., Ltd 52
• 4.2.4 Core Points during Equity Incentives in Wangsu Science & Technology
• Co., Ltd 53
• 4.2.5 Special Regulations on Equity Incentives in Wangsu Science &
• Technology Co., Ltd 53
• 4.2.6 Termination of Equity Incentives in Wangsu Science & Technology Co.,
• Ltd. 54
• 4.3 Features of Equity Incentives in Wangsu Science & Technology Co., Ltd. 54
• 4.3.1 Dual Assessment Index 54
• 4.3.2 Authorizing Professional Company to Implement Equity Incentives 55
• 4.3.3 Linkage between Ownership Conditions of Stocks and Equities. 56
• 4.4 Results of Equity Incentives in Wangsu Science & Technology Co., Ltd 57
• 4.4.1 To Analyze the Results of Equity Incentives in the Angle of Financial
• Statements. 57
• 4.4.2 Problems in Equity Incentives in Wangsu Science & Technology Co., Ltd.
• . 58
• V. Conclusions and Suggestions on Policies 60
• 5.1 Conclusions of Research. 60
• 5.2 Suggestions on Policies. 62
• 5.2.1 Clarifying the Goals of Equity Incentives and Enhancing System
• Construction 62
• 5.2.2 Enhancing the supervision of equity incentive system and enhancing
• fairness of equity incentives 64
• 5.2.3 Enhancing construction of performance assessment standards in equity
• incentives. 64
• 5.2.4 Enhancing construction of capital market and manager market 65
• 5.2.5 Improving laws and regulations of equity incentives. 66
• References 69