The Research On The Share Incentives Of High-tech Enterprises In The Different Stage Of Life-cycle

With the arrival of knowledge economy era, knowledge-base company have gradually become the main organizational forms and the operating mode of Innovative Enterprise, especially the high-tech enterprises. Human capital is the first capital form in the high-tech enterprise. The key to gain competitive advantage for high-tech enterprise is to develop, to transfer and to solidify the human-capital value, especially to keep the value creating constantly in the different stage of life-cycle. If the enterprise wants to do that, it needs to affirm the internal human capital value fully and to combine the individual interest with the enterprise's long-term profits through the sharing of the enterprise surplus interests. As a long-term incentive mechanism, share incentives plays a very positive and important role in the fields of reduction of agency cost, the increasement of Innovation Efficiency, the development of the human capital and the enhancement of the core competence.This thesis, on the basis of the affirmation the inestimable effect that the share incentives brings in the high-tech enterprises, aims to explore the effective share incentives of high-tech enterprises in the different stage of life-cycle. The research starts from the relevant theories and the situation of study, with the characteristics of high-tech enterprise and its human capital. Besides these, this thesis also analyses the share incentives pattern and the effectiveness in the different stage of high-tech enterprise's life-cycle.This thesis analyses the important practical significance of share incentives for high-tech enterprises in this "capital employing knowledge" to the "knowledge employing capital" changing through the research methods like Normative Analysis, comparative analysis, model analysis and Statistical analysis. After the ten more years'development in china, share incentives derives many effective patterns which are more suitable to our high-tech enterprises to carry out. There has the different inside and outside development environment and the key drivers in the different life-cycle, therefore, the design of share incentives can not be invariable. It needs to transform and combine dynamically according to the change of the human capital situation, the strategic goals, the external market environment and the institutional environment. Only thus could the share incentives mechanism produce the best possible value to stimulate and restrict the key human capital, and to ensure the realization of the strategic goals and the sustainable development.How to select and design the appropriate share incentives mechanism during the different life-cycle is more important than mechanism itself. In order to provide the reference of share incentives implementation to the high-tech enterprises which are in the different types and life-cycle, This thesis designs the share incentives composite patterns according to the different life-cycle of the high-tech enterprises (Early Stage, growth stage, maturation stage, decline stage) and the different types of the high-tech enterprises (unlisted company, pre-ipo company, listed company) innovatively, based on their diffferent characteristics.