The Study On Chinese Listed Companies' Equity Incentives

High-tech enterprises are based on R & D as the motive engine of enterprise development.They can not be ignored in the future market economy of China.With the upgrading of China's industrial structure,many high-tech enterprises adopt equity incentive plans to retain their core teams.Statistics show that listed companies prefer restricted stock incentive plans nowadays.Previous studies have mainly focused on discussing whether equity incentives have a positive impact on company performance.However,there is not much research on the design of equity incentive plans.The communication equipment manufacturing industry is a high-tech industry with more R&D investment and more executions of equity incentives.Therefore,this dissertation takes Accelink as the case study object,guided by principal-agent theory and contract-binding theory,from the perspective of the design of equity incentives,through horizontal and vertical comparative analysis of the two announced equity incentive plans,we find out the reasons for the failure and the poor effect of Accelink's first equity incentive plan,and hope to provide a useful reference for the design of the high-tech enterprises' equity incentives.This dissertation draws the main conclusions:first,equity incentives can improve high-tech enterprises' innovation capabilities;second,the rationality of equity incentive plan's elements will affect its implementation;third,if the specified vesting conditions of equity incentive plans are too difficult to satisfy,it will bring about a poor effect on the implementation of equity incentives;last,choosing restricted stocks incentive plans is more suitable for high-tech enterprises.The research has certain theoretical and practical significance for improving the design of high-tech enterprises' equity incentive plans.