Analysis Of Implementation Effect Of Equity Incentive In High-tech Enterprises

With the vigorous development of economy,enterprises are faced with greater development space and more diversified development opportunities.In order to match the needs of enterprise development,higher and higher requirements are put on operators' ability,which often leads to the situation that operators do not have enough ability to support better development of enterprises.At this time,the operator will choose to separate the ownership and management right of the enterprise,and only retain the ownership,which is conducive to get themselves out of the complex daily affairs,and the management right will be transferred to the professional team or professional managers outside the enterprise,to ensure the company's long-term development.At the same time,the separation of ownership and management leads to the principal-agent problem,which may limit the development of enterprises.The client represented by the shareholder and the agent represented by the professional manager do not have the same pursuit of interests.The maximization of shareholders' interests depends on the realization of corporate profits,so shareholders pursue the maximization of corporate profits.For professional managers and companies,they are independent individuals pursuing the maximization of personal interests.The difference in information is that compared with the agent,the principal can't know the enterprise information at any time,and the information he can get is limited,so the agent has an absolute advantage in mastering the enterprise information.These two asymmetries will lead to the problem that too high agency cost is not conducive to the development of enterprises.How to reduce the principal-agent cost and balance the asymmetry between them is the key to solve the problem.In modern enterprises,equity incentive is often adopted to solve this problem.As a long-term incentive mechanism,equity incentive connects the interests of individuals and companies through the way of equity allocation,which can better motivate employees to work for the company and help enterprises retain core technical talents.Equity incentives are common in high-tech enterprises.On the other hand,the employees of high-tech enterprises are generally younger.For them,they are more willing to choose the long-term benefits of equity incentives than such short-term benefits as higher wages and bonuses.Firstly,this paper analyzes the significance and influencing factors of the implementation of equity incentive in high-tech enterprises,and defines relevant theories.Secondly,it expounds the relevant concepts of high-tech enterprises and introduces the status quo of equity incentive implemented by listed companies in China,so as to clarify the background of case analysis.The innovative method of comparative analysis is adopted to introduce the status quo of equity incentive schemes of tomson beijian and anke biological respectively and make a comparative review of their equity incentive schemes.Thirdly,at the level of financial indicators,company performance,market reaction and innovative non-financial indicators,such as employee turnover rate,the implementation effect of equity incentive is evaluated to explore the reasons for the success or failure of equity incentive.Finally,the conclusion of the case study is further generalized to summarize the common problems in the implementation of equity incentive in high-tech enterprises,and to provide valuable Suggestions for the implementation of equity incentive in the same type of enterprises in the next step.