Study On Equity Incentive Effect Of High-tech Listed Companies

Equity incentives are an important part of the company's incentive mechanism.Enterprises motivate and retain employees by setting performance indicators and other conditions.If the incentive conditions are met,employees will be given a certain amount of equity.The turnover rate of high-tech enterprises is very high,but its development is inseparable from high-quality talents.Therefore,equity incentives that can overcome the short-sightedness of employees,reduce employee turnover,and attract high-quality talents are of great significance to high-tech enterprises.With the introduction of the concept of intelligent manufacturing,high-tech enterprises face unprecedented opportunities,and the improvement of the equity incentive mechanism is of great significance to its sustained and healthy development.Therefore,this thesis takes INVT and SEGE as the research object to carry out the research on the implementation effect and influencing factors of equity incentives,in order to provide reference for the design and implementation of equity incentive schemes for high-tech enterprises.Based on the summary of the existing literature research results,this paper analyzes the characteristics of the equity incentives of INVT and SEGE,and focuses on the market performance,financial performance and non-financial performance of the two,make an evaluation of the equity incentive plan and incentive effect of the two case companies.By comparing the scheme design and implementation effects of the case company equity incentives,the impact of the factor design of the incentive scheme on the incentive effect is further analyzed.Finally,it puts forward countermeasures and suggestions for the design and implementation of equity incentives for high-tech enterprises.The study found that the mixed incentive model combining stock options and restricted stocks is better than the single stock option incentive model;compared with the practice of encouraging certain objects in each period,reserved shares can play a more important role in attracting talents;too single performance indicators are easily affected by managers' earnings management behavior,and cannot reflect the true performance level of the company;the stock price index has the risk of not accurately reflecting the performance of the company,which is not conducive to stimulating the enthusiasm of employees and ultimately affecting the incentive effect.If the unlocking condition is set too low or not adjusted according to the actual situation,the assessment requirements will be ineffective and fail to achieve the expected incentive purpose;the financial indicators of INVT and SEGE show that the equity incentives of the two in some aspects have achieved certain positive effects,but the long-term incentive effect is not significant;the components of the equity incentive plan design,such as the determination of the incentive object,the selection of the incentive mode,the setting of the validity period,the setting of the unlocking conditions,will all affect the effect of equity incentives.