The Risk And Prevention Of The Loss Of Core Technical Personnel Of The Star Market

In order to enhance the ability of the capital market to serve the real economy,the STAR Market was established on November 5,2018,which is targeted at scientific and technological innovation industries.Compared with other boards,the STAR Market attaches great importance to the core technical personnel,who are the core competitiveness.Besides listing the stability of the core technical personnel as one of the conditions of issuance,it also issued a series of rules to encourage and restrain such personnel.However,over the past two years since the launch of the STAR Market,the loss of core technical personnel has been common.As of December 31,2021,among the 377 companies listed on the STAR Market,104 core technical personnel of 79 companies have resigned,and the turnover rate of core technical personnel of some companies has reached 60%.This phenomenon which seriously affects the stable development of science and technology enterprises,has been concerned by the society and aroused some doubts.Therefore,it is necessary to study the risk prevention of the loss of core technical personnel of listed enterprises on the STAR Market.The turnover rate of Medicilon’s core technicians ranks among the top companies on the STAR Market.Taking Medicilon as an example,this thesis can provide reference for stabilizing talent team of the enterprises on the STAR Market from personality to commonness,thus improving corporate governance and enterprise efficiency.Reviewing literature and theories,this thesis statistically analyzes the current situation of the loss of core technical personnel of China’s STAR Market,and summarizes the general characteristics of the resigned staff.And on the basis of sorting out the new rules of equity incentive of the STAR Market,this thesis makes a statistical analysis of the equity incentive implementation of listed companies on the STAR Market,including the coverage of the incentive plan,the launch speed and the design of various incentive elements,etc.It provides reference ideas to improve the equity incentive plan,attract and retain talents.Secondly,it briefly analyzes the identification and existing management measures of the core technical personnel of Medicilon and analyzes the consequences of the loss of core technical personnel from four aspects: short-term market reaction,R&D progress,human cost and employee morale.Thirdly,compared with peers,analyze the reasons for the loss of Medicilon’s core technical personnel in three aspects: salary formulation,equity incentive and R&D investment.Finally,summarize the three measures applicable to the STAR Market enterprises to prevent the loss of core technical personnel: One is to formulate a reasonable compensation system,taking into account the salary level and salary gap.The second is to design and optimize the equity incentive plan.The third is to increase R&D investment,build a cutting-edge R&D platform and form a compound R&D team.The innovations of this thesis may be reflected in: Firstly,by manually sorting out corporate prospectus,the core technical personnel resignation announcement,equity incentive plan and other materials,this thesis statistically analyzed the characteristics of the loss of core technical personnel on the STAR Market,as well as the innovative application of equity incentives in companies on the STAR Market.It provides reference to revise or implement equity incentives for other companies on the STAR Market.Secondly,previous literatures mostly studied the loss of senior executives or all employees in the form of questionnaire survey.However,this thesis focuses on the core technical personnel of the STAR Market,and analyzes the deep reason of core talent turnover through horizontal and vertical comparisons.Thirdly,the brain drain and equity incentive were two relatively independent studies in the past,but this thesis closely combines labor and finance to propose more comprehensive and detailed prevention measures.