The Research On Equity Incentive Of High-tech Listed Company

Principal-agent problems and incentive problems of human capital in the development of modern enterprises are facing problems. Solve these two problems lies in how to design an effective incentive mechanism to promote the enthusiasm of incentive objects, so that the interests of principal and agent line. The most notable innovation among incentive mechanisms is the design of equity incentive. As a long-term incentive and restraint mechanisms,it continue to show its significant advantages through the reduction of agency costs, improving incentives objects'working creativity and enthusiasm and preventing too much emphasis on short-term interests of management to the neglect of long-term development goals.High-tech industry in promoting scientific and technological progress of a country, to promote economic development, enhance the international competitiveness give full play the role of light weight. As a knowledge-intensive industries, human capital has played an irreplaceable role in the high-tech enterprises development. Hence, compared to the general enterprises, high-tech enterprise in the implementation of equity incentive, its role and effect are more pronounced. The development of western countries in recent decades, through the constant practice of the incentive system also proved, in the high-tech enterprises, the equity incentive motivation on the effectiveness of human capital was significantly abnormal,helped high-tech enterprises in promoting development and economic in high growth. This is also a very important reference for the development of high-tech enterprises in China. Can equity incentives to help the development of high-tech enterprises in China played the same role? This is a topic worthy of study and research.China explored the use of equity incentive system in the high-tech enterprises in the early 90s of last century, but limited to the immature capital market and imperfect laws and regulations, equity incentive did not show the desired results. With the continuous development of China's capital market, the completion of the share reform and the introduction of new laws and regulations, there is a new opportunity for high-tech listed company to use equity incentive. However, the academic research in this area are mostly before 2004, lacking of new research under the new era. Therefore,by selecting the high-tech listed company which implemented the equity incentive after 2006 as research object,this article will investigate the use and the effectiveness of equity incentives,on the purpose to provide a theoretical support and policy recommendations for China's high-tech listed company's implementation of equity incentive.