Research On Equity Incentive Of Private High-tech Enterprises In China

Private high-tech enterprises are the main force of high-tech enterprises,and play an important role in the economic development of our society.The healthy development of private high-tech enterprises is about the global economy.Private high-tech enterprises are knowledge-intensive and technology-intensive ones,which have the urgent need for talent.Human capital,especially the core technical personnel of enterprises,plays a particularly evident role in the economy.As a long-term incentive mechanism,equity incentive can play a better role in improving the performance of the enterprise and stabilizing the core talents,so it is more and more favored by the private high-tech enterprises.Although practice has gone many years,there are still many problems in the implementation of equity incentive of private high-tech enterprises.It is of great practical significance to study the equity incentive problems of private high-tech enterprises.This paper,with the combination of theory and case,based on the analysis of the relevant theory,takes the Wangsu technology company as an example of private high-tech enterprises and study its equity incentive plans.Firstly,this paper introduced equity incentive scheme.Secondly,it introduces the difference of equity incentive program and its influencing factors.Then,it evaluated the effect of equity incentive according to the five aspects of corporate performance,human capital,investment,agency cost and market reaction,and analyzed the influencing factors of equity incentive effect.Finally,some conclusions are drawn and some suggestions are put forward.On the whole,the first two equity incentive programs have played a positive incentive effect,but it did not last for a long time.The next two equity incentive plans did not play a positive incentive effect.The direct reason of different implementation effect is differences in program design.The fundamental reason is change in corporate governance effectiveness.In addition,the industry environment and the state of the company will also have an impact on equity incentives.Therefore,the private high-tech enterprises need to strengthen the effectiveness of corporate governance,and set of equity incentive programs to achieve a better incentive effect according to their own industry environment and the development.