Research On The Equity Incentive Of Private High-Tech Enterprises In Different Development Stages

2016 can be described as China’s private high-tech enterprises concerned about the year,led by artificial intelligence all kinds of private high-tech enterprises are growing rapidly,many advanced technologies gradually lead the world,and therefore widely sought after by the capital.However,when the capital side to provide financial support for enterprises to help the rapid development of enterprises at the same time,in order to ensure the realization of capital returns,but also to the enterprise requirements,one of the important conditions is to require enterprises to do equity incentive plan This article is based on this background This paper explores the private high-tech enterprises’ equity incentive in different life cycle stages research by using the theory of enterprise life cycle,and aims to provide valuable suggestions for the rapid development of private high-tech enterprises.This paper explores this topic by three research methods of questionnaire survey,enterprises’ visiting and document induction.It first introduces the background and necessity of the equity incentive of private high-tech enterprises,then discusses the framework of equity incentive theory based on the enterprise life cycle,and then uses the questionnaire survey to analyze the equity incentive mechanism of private high-tech enterprises in different life cycle stages Carry on the detailed investigation and analysis,dig deep into the existing problems and the causes of the problem,finally put forward the improvement countermeasure.This paper concludes:The company’s scale,employee mobility,incentive time and internal governance structure will have an impact on the implementation of its equity incentive.The private high-tech enterprises equity incentive problems include the instability of business conditions,the effect of equity incentive cannot be effectively protected;insider control problems are more serious damage to the interests of shareholders have occurred;lack of equity incentive machine operation.The platform performance evaluation system needs to be improved;the weak effect of equity circulation weakened the incentive effect of stock option.The analysis of the causes of the problems of equity incentive in private high-tech enterprises includes:high risk existed in enterprises operation;the weak effectiveness of capital market,the weak effect of equity incentive;the imperfect human capital market so that the effect of equity incentive is greatly reduced;the inconsistent standards of equity incentive make lacking of fair assessment of working performance.Based on the features of the entrepreneurship period,the growth period,the mature period and the degenerating period in enterprise life cycle theory,and also based on the features analysis of private high-tech enterprises equity incentive,the private high-tech enterprises in the period of entrepreneurship and growth are suitable to carry out equity incentive plan.Specifically speaking,according to the author’s questionnaire survey and the enterprise visiting analysis,the effective private equity incentive modes of the private high-tech enterprises in the period of entrepreneurship include the granting of shares,the technology shares,the stock option plan and the employee’s holdings.The effective equity incentive modes of the private high-tech enterprises in the growth period include the stock option plan,restricted shares,dividend transfer rights,management buyout.During the period of entrepreneurship,the countermeasures of equity incentive and management of private high-tech enterprises include the introduction of entrepreneur competition selection mechanism;constantly improving the corporate governance structure;the formulation of related policies and regulations,and perfecting the legal environment of stock equity incentive.The countermeasures of equity incentive and management of private high-tech enterprises in the growth period include establishing a scientific and effective performance appraisal system;perfecting company stock equity repurchase plan and enhancing the operation’s openness and transparency of stock equity incentive plan;standard stock market behavior;accelerating the construction of human capital market.