Research On Stock Option Motivation Of Technology Innovation Enterprise

The development of innovative enterprise for science and technology depending largelyon the sustainable technology innovation activities from sci-tech talents,so the function of coretechnical personnel in innovative enterprise is far greater than in other types of enterprises.Therefore,research on how to attract and retain scientists and technicians as well as how tostimulate their enthusiasm for technology innovation and creativity to promote theindependent innovation and the commercialization of technological achievements is one of thekey issues faced by government departments and technological innovation enterprises.However,in most of the innovation enterprises in china,human captical incentive mechanismhas not been sound issues and the motivation menas are lacking.In the enterprises whichimplement Stock Option Motivation,always with a lot of problems,such as unclear ofexecutive detailed rules,lack of mature regulations,and aother issues.Through theoretical study,analysis the model of Stock Option Motivation,empirical andcase study,this article analysis the system of Stock Option Motivation of innovationenterprises.First,with theory research and on the basic of data survey of150enterprises inNanjing technology plaza,the article describe the existing problems,currentsituation,developing obstacles of incentive.Second,improving the Stock Option Motivationmechanism,estabilish Stock Option Motivation model to explore the expected interest ofinvestors and innovative workers,and ues empirical model to research the influence factors ofperformance of Stock Option Motivation.Finally,made policy recommaendations on the basisof case analysis.Conclusions: 1. There is a interesting phenomenon, n the case of same marginal growth ofcompensation income, he creative workers are more preference to choose the contract ofreduce the expected price.Because,when the executive price decline,the creative worker’sincome will increasing,and when increase the number of incentive stock,the distribution ofincome of creative wrokers will biased toward highest-end;2.In the influence factors examination of the performance of Stock OptionMotivation,holding type,growth opportunities,ownership concentration of enterprises,as wellas capital structure are all related to the incentive effect,the most significant influence factor isthe type of enterprise,regression coefficient for2.3025at the1%level.3.In the analysis of on-spot interview cases, the obstacles of implementing enterprisestock incentive policy are equit dilution,lack of ecercise funds,valuation on technology whichis appraised as capital stock and the liquidity of equity. Governments need to make necessaryamendments of relevant laws and regulations, to institutionalize the stock incentive plan, andprovides special funds, up to$10million, and the proportion of Stock Option Motivation ofthe company cannot exceed20%of the total company share.The enterprise can also take nomore than30%of3year’s profit after tax amount of net asset value to use for equityincentives and government should building evaluation system and OTC equity market.