伊利股份股权激励实施研究

Research on the Implementation of Yili Stock OwnershipIncentiveAbstractIn recent years,the development of market economy has led to the emergence of the principal-agentproblem.The separation of operation and ownership of domestic listed companies has led to the problems ofinformation asymmetry and inconsistent development goals within the company,and the principal-agentproblem is a remedy for these two problems.The shareholders of the company want to maximize thecompany's interests,while the operators value their personal gains,which makes the equity incentive animportant tool for the company's development.As a kind of incentive program for employees,equity incentiveis actually a treatment measure that enables the important people of the company to get the equity of thecompany,thus becoming the shareholders of the company and forming a community of interest to face therisks and dividends of the company together,which helps the close relationship between the operators and thecompany and promotes them to bring long-term and struggling work to the company,thus dividing the risksand sharing the benefits.Equity incentive is a kind of benefit distribution measure with long-term development,which has many advantages,and it is believed that the system of equity incentive measures will develop moreperfect in the future time.This paper takes Yili as the specific object of equity incentive implementation research and explores thedevelopment history of China's equity incentive system.This is mainly because Yili has adjusted its equityincentive plan three times,and the adjustment time of these three times is synchronized with the developmentand improvement of China's equity incentive system,so the research on it has more relevance.In this paper,we focus on the equity incentive of Yili,and analyze the experimental equity plan of Yili,and find thefollowing problems:the scope of the incentive targets is small,and most of them are the management of Yili;the management has a large proportion of equity;and the exercise conditions are low.This is due to the factthat the management of Yili shares is more concemed about their own interests.After discussing and analyzingthe external environment,we found that the current legal and regulatory system of Yili shares is still notperfect,and the internal govemance environment of Yili shares is also negligent,which is the main reason whythe equity incentive of Yili shares fails to achieve effective results.The author proposes improvement measuresfor the above problems,hoping to bring some reference for Yili and other companies.Key words:Employee Equity Incentive,Yili shares,listed company