Research On Optimization Of High-Tech Enterprises Equity Incentive Program

The implementation of the measures on the Management of Equity incentives of listed companies on January 1,2006(trial)marks the beginning of the establishment of the equity incentive system in China.July 13,2016.The Securities Regulatory Commission of China promulgated order No.126 of the China Securities Regulatory Commission.companies.After a long time of implementation,the provisions on the stock right incentive system of listed companies in China are constantly improved,and the management mechanism tends to mature.At the same time,the report of the 19 th CPC National Congress also pointed out that at present,China's economy is in a critical period of changing the mode of development,optimizing the economic structure and changing the driving force of growth.Creation New is the first driving force to lead the development,is the strategic support for the construction of a modern economic system.As a listed company of high-tech enterprises,the number of stock-based incentives has been increasing,reaching 532 by 2017,accounting for 36.02% of all high-tech listed companies.Under this background,it is necessary to study the equity incentive scheme of high-tech enterprises.Related research shows that the effect of equity incentive is related to the internal environment,such as design scheme,corporate governance environment and so on,and it is influenced by many endogenous factors.Therefore,it is of little significance to focus only on whether equity incentive is effective or not.It may be more meaningful to pay attention to the design of equity incentive scheme itself.IFLYTEK has completed the stock option incentive twice,but the incentive effect is very different,which provides a good case for the study of equity incentive scheme.By comparing the differences between the two stock incentive schemes,this paper finds that the most important differences lie in the incentive object,the setting of assessment index,the arrangement of exercise power and so on.Then from the management decision-making level,the implementation level and the comprehensive financial performance of the three levels of analysis of the incentive effect of the two equity incentives,in order to study the impact of different scheme design on the incentive effect.The conclusion shows that the contractual characteristics of equity incentive will have an impact on the incentive effect.The formulation of assessment indicators and the selection of incentive objects can be reflected through the output results and the performance of enterprises.This paper hopes that this specific case can be used for reference and reference in designing equity incentive scheme for high-tech enterprises in China.