Research On Performance Of Equity Incentive In High-Tech Enterprises

Equity incentive is an incentive mode in which employees can obtain equity,participate in decision-making and share profits by setting incentive conditions.Since 2005,more and more high-tech enterprises have implemented equity incentive plans.As a representative industry of high-tech enterprises,there are 466 listed companies in the computer,communication and other electronic equipment manufacturing industry in China,among which 259 have issued 478 equity incentive plans for a total of 55.58% of listed companies have issued equity incentive plans.Previous studies generally believe that equity incentive can improve enterprise performance.However,there are different conclusions among scholars on whether equity incentive can improve enterprise performance in high-tech enterprises as a specific subject.Based on principal-agent theory,human capital theory and stakeholder theory,this thesis explores the relationship between equity incentive and corporate performance in high-tech enterprises.This thesis selects the case of the implementation of equity incentive plan by AVIC Jonhon,a high-tech enterprise,analyzes the motivation of the implementation of equity incentive plan by combing the literature,expounds the influence mechanism of equity incentive plan on enterprise performance,and summarizes the relevant research on the implementation of equity incentive plan by high-tech enterprises.On the basis of literature review,form the theoretical basis of this thesis.Secondly,taking representative industries as an example,this thesis summarizes the development process of equity incentive for hightech enterprises,and introduces cases from three aspects: company background,incentive scheme and exercise of rights,and incentive characteristics.Finally,this thesis comprehensively analyzes short-term and long-term performance changes of AVIC Jonhon after equity incentive,and draws the following conclusions: The implementation of equity incentive in high-tech enterprises can improve enterprise performance,and different incentive objects in equity incentive plans will have different influences on enterprise performance,that is,incentive objects in incentive plans that focus more on core staff will have a more positive impact on enterprise performance.The research of this thesis has both theoretical and practical significance.In terms of theoretical significance,this thesis focuses on the perspective of human capital and analyzes the impact of different incentive objects in equity incentive on enterprise performance,which enriches the current academic research on equity incentive and enterprise performance.The practical significance of this thesis is reflected in the following two points: first,it provides certain case support for the implementation of equity incentive in China’s high-tech enterprises.In the equity incentive plan,more core employees are preferred,which can effectively improve enterprise performance,promote innovation and play the positive role of equity incentive plan;Secondly,in terms of policies,suggestions are put forward to improve the legal system of equity incentive,create a good capital market environment,and guide enterprises to set up reasonable equity incentive schemes.