The Reaserch On The Motivation And Performance Impact Of The Revision Of The Equity Incentive Plan Of Science And Technology Enterprises

With the development of capital market,equity incentive mechanism is gradually introduced to solve the principal-agent problem.In the early stage of introduction,due to the lack of supporting laws and regulations,the development of equity incentive is slow and stagnant in the exploration stage.In 2006,the state successively issued relevant management and trial measures,and the equity incentive mechanism ushered in the era of rapid development,and enterprises began to establish equity incentive system.At present,the equity incentive gradually moves towards the road of institutionalization and standardization,and the growth momentum of equity incentive plan is rapid,which has become an effective means for listed companies to improve corporate governance and improve their governance ability.The urgent demand for talents in science and technology enterprises makes them the backbone of the implementation of equity incentive plan.However,more and more technology-based enterprises announced termination or revision after the introduction of equity incentive plan.The revision of equity incentive plan has also been widely discussed in academia and practice.However,the current literature often divides the revised incentive plan into two events: the termination of the plan and the launch of the new plan,and few people pay attention to the internal relationship of the revised behavior.The innovation of this paper is to study the internal motivation of triggering the revision of equity incentive plan of technology-based enterprises from the perspective of equity incentive plan revision,and enrich the relevant literature of equity incentive.At the same time,to explore the impact of revision behavior on enterprises from multiple dimensions is of certain reference significance for enterprises themselves,investors and regulators.Based on the theory of principal-agent,the theory of human capital and the theory of incentive,this paper discusses the revision of equity incentive plan of technologybased enterprises.Taking Talkweb as an example,this paper analyzes the changes,internal causes and possible economic consequences before and after the revision of the equity incentive plan.The results show that radical performance indicators,high exercise price,strategic transformation demand and high-tech talent recruitment will lead to the revision of equity incentive plan.The revision of equity incentive plan may bring negative market reaction,but it will help enterprises to improve their financial performance,and also have a positive incentive effect on innovation performance.At the same time,the revision of the equity incentive plan will also have a negative impact,which is mainly reflected in inducing more earnings management behavior of the management.In the face of these research results,this paper puts forward countermeasures and suggestions from three dimensions of the company,investors and regulators.It is hoped that through the revision of the equity incentive plan by Tuowei information,it will give some inspiration to other technology-based enterprises,investors and regulators in the capital market,and promote the development process of equity incentive.