Research On The Motivation And Implementation Effect Of Multi-period Equity Incentive In Science And Technology Innovation Board

Equity incentive can solve the problem of inconsistent interests between agents and shareholders,improve enterprise performance,optimize the structure of enterprise talent team,and enhance enterprise innovation ability.Therefore,more and more enterprises implement equity incentive schemes.Among them,many enterprises continue to introduce equity incentive schemes after implementing the first phase of equity incentive schemes.Throughout 2022,there were 762 equity incentive schemes implemented in the A-share market,including 400 multi-period equity incentive schemes,accounting for 52.59% of the total.The Science and Technology Innovation Board has only been established for over three years,and many enterprises have issued multiple equity incentive plans.Among them,Xidiwei has issued three consecutive equity incentive plans within ayear,and Bright Power Semiconductor(BPS)has issued seven consecutive equity incentive plans.It can be seen that more and more listed companies tend to issue multi-period equity incentive schemes to improve corporate performance,optimize the structure of enterprise talent teams,enhance enterprise innovation capabilities,and build a long-term and long-term incentive mechanism for company employees.This paper first expounds the research background and significance of multi-phase equity incentives,takes the principal-agent theory,human capital theory and incentive theory as the theoretical support of the whole text,and uses the literature analysis method,theoretical analysis method,case analysis method and comparative analysis method to conduct research,and analyzes the implementation status,characteristics of equity incentive on the science and technology innovation board.This paper studies how BPS,a listed company on the Science and Technology Innovation Board,designs the elements of the seven-phase equity incentive plan,then analyzes the motivation and implementation effect of the BPS seven-phase equity incentive plan,and finally evaluates the seven-phase equity incentive plan of BPS.Research findings: First,the internal motivation for BPS’s implementation of the seven-phase equity incentive plan is Improve the company’s core capabilities,research and innovation needs,attract and retain core employees,and establish a sound long-term incentive and constraint mechanism for the company,while the external motivation is the support of industry characteristics and policies.Secondly,after implementing the previous four equity incentive plans,BPS has significantly improved its profitability,solvency,operating ability,and development ability,especially its profitability and development ability.Third,after the implementation of the seven-phase equity incentive plan,BPS has continuously increased its R&D investment,and BPS’s R&D output has also increased,and it has opened up new product lines and introduced new products to the market.Fourth,after the implementation of the seven-phase equity incentive plan,although BPS failed to retain some core technical employees,it continued to attract more R&D talents and changed the overall quality structure of R&D talents.Fifth,through the analysis of the event research method,it is confirmed that the short-term market response after the seven-phase equity incentive plan released by BPS is generally good.Sixth,BPS has the advantages of large incentive coverage and clear incentive goals when setting up equity incentive plans,but it also has the disadvantages of single assessment standards and relatively single incentive objects.Overall,the implementation of the multi stage equity incentive plan by BPS has a positive impact on the financial and innovation aspects of the enterprise.