Research On Incentive Effect Of ESOP In High-tech Enterprises ——Case Analysis Based On S Company

The ESOP was first proposed by American lawyer Louis O.Kelso.The purpose is mainly to alleviate the problem of capital ownership concentration in American companies,so that workers have the opportunity to participate in the distribution of corporate income.In the early stage of my country’s ESOP,it was forced to suspend in 1993 due to imperfect policies and systems,lack of strict supervision and other reasons.In 2014,the China Securities Regulatory Commission issued the "Guiding Opinions on Implementing the Pilot ESOP in Listed Companies"（hereinafter referred to as the "Guiding Opinions"）,marking the official restart of the ESOP in my country.At present,the ESOP has become one of the long-term incentive tools favored by listed companies in my country,and many private enterprises are also eager to try it.Many private high-tech enterprises in my country are still in the new stage,lacking core competitiveness and serious brain drain.Therefore,this paper studies the incentive effect of ESOPs in private high-tech enterprises,in order to provide relevant experience for such enterprises to choose and formulate ESOPs.This paper reviews the relevant studies at home and abroad,and selects s company,a private high-tech enterprise,as a case enterprise.Firstly,it analyzes and summarizes the current situation and influence mechanism of ESOP in domestic high-tech enterprises,and introduces the basic situation,implementation motivation,program content and process and changes in ownership structure of S company.Then,the event study method and the efficacy coefficient method are used to analyze the incentive effect of ESOP from four aspects: employee structure and contribution,innovation performance,market performance and financial performance.Finally,based on the above analysis,this paper draws a conclusion,summarizes the experience and shortcomings of S company,and puts forward optimization suggestions from the perspective of holding shares and forming a long-term incentive mechanism.This paper holds that:（1）the ESOP has effectively improved the number and quality of technical personnel,and the employee contribution has increased significantly;（2）the ESOP has a certain incentive effect on the improvement of R＆D innovation capabilities;（3）the ESOP has brought the company（4）The ESOP can play an active role in improving the company’s industry comprehensive performance ranking,its own financial quality and alleviating agency problems.To sum up,the ESOP can bring incentive effects to enterprises in many ways,but the incentive effect may be limited in some aspects.Therefore,this paper summarizes the experience and deficiencies of S company’s ESOP,and puts forward corresponding optimization suggestions,aiming to provide some enlightenment and reference for private high-tech enterprises to implement ESOP.