| Equity incentive is a long-term incentive mechanism commonly used by Chinese enterprises.In 2005,my country officially proposed to implement equity incentives for listed companies.In recent years,equity incentives have played an increasingly important role in motivating employees and promoting development.In order to meet the needs of my country’s science and technology innovation enterprises,my country officially established the science and technology innovation board on June 13,2019,providing a professional and effective development platform for my country’s science and technology innovation enterprises,and also contributing to the successful listing of my country’s enterprises.Science and technology enterprises have the characteristics of large R＆D investment,high demand for professional and technical personnel,and high R＆D risks.The most basic role of equity incentives is to attract,retain and motivate talents.The implementation of equity incentive plans is of great significance for companies on the Sci-tech Innovation Board to attract and retain core technical personnel,which meets the requirements of Sci-tech innovation companies that have just been listed and are in urgent need of talents.However,since the previous equity incentive mechanism is more suitable for the main board market,it is difficult to fully exert its incentive function,so the STAR Market has decided to launch an innovative equity incentive mechanism.According to the characteristics of companies listed on the STAR Market,more flexible innovations in equity incentives are required.As of August 2020,after the public release of the new regulations on equity incentives for the STAR Market,a total of 150 companies have listed on it,and 30 of them have released equity incentive plans after listing.Among them,the equity incentive plan of Advanced Micro-Fabrication Equipment Inc.China is a good example.The content of the equity incentive plan announced this time not only reasonably uses the incentive elements after innovation,but also more perfectly adapts to the company’s operating conditions.The interpretation of the innovation of equity incentives on the Sci-Tech Innovation Board is of great research value.This paper takes the equity incentive innovation of listed companies on the science and innovation board as the research object,takes the equity incentive scheme issued by China micro Corporation as an example,and adopts the methods of literature research,investigation and analysis and case study.This paper introduces the basic content of the STAR Market,focuses on the motivation for the implementation of equity incentive by listed companies on the STAR Market,as well as the problems faced by the STAR Market before innovation,and discusses the rationality of the innovation of equity incentive on it.It also analyzes its current incentive plan and the incentive plan after innovation,and summarizes the impact of the equity incentive innovation of the STAR Market on listed companies.Combined with the equity incentive plan of Advanced Micro-Fabrication Equipment Inc.China,from the perspective of the current problems and innovation of the company,this paper analyzes the innovative characteristics of the equity incentive plan and the impact and changes brought to the company after its implementation.Finally,it puts forward corresponding suggestions on improving the relevant policies of equity incentive innovation of listed companies on the STAR Market.The research shows that the innovation of incentive scheme is the key and inevitable choice of equity incentive of science and innovation board.The innovation of equity incentive of the STAR Market is of great significance to the development of science and innovation enterprises.Listed companies on the STAR Market should set incentive schemes flexibly according to their own characteristics,so as to give better play to the effect of equity incentive,and help science and innovation enterprises stabilize the talent team and improve their performance. |
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