Research On The Impact Of Equity Incentive System Innovation On Science And Innovation Board Enterprises

Recent years,science and technology is developing with an unbelievable speed.Under the active influence of the capital market and the macro support of the government,unprecedented opportunities for science and innovation enterprises has occurred.However,technological innovation,as the core development force of science and innovation enterprises,makes them face greater market competition and excellent talent reserve.Compared with other industries,science and innovation enterprises have more serious core brain drain and agency problems.Therefore,in 2019,the Listing Rules of Shanghai Stock Exchange’s science and innovation board and the new rules introduced continuously actively guide the innovation and development of science and innovation enterprises,and provide strong support for the opening of SSE STAR market.In May,SASAC announced that the policies and measures on the implementation of equity incentive for science and innovation companies would be introduced,in order to reflect the pertinence and inclusiveness of the implementation of equity incentive for the listed enterprises on SSE STAR market.The SSE STAR market was officially launched in June 2019.As an vital brand new part of the Chinese capital market,the SSE STAR market achieves the linkage development of finance,science and technology.Moreover,SASAC issued another document in November 2019 to support the listed enterprises that have not yet made profits to implement the equity incentive program,and the SSE STAR market has continuously welcomed beneficial policies published by government.After studying the literature on equity incentive at home and abroad,based on relevant theories,selects the reform of the equity incentive system of the SSE STAR market for analysis,this thesis analyzes the motivation of the implementation of equity incentive plan on the SSE STAR market,studies the innovation of the equity incentive system of the SSE STAR market relative to the main board,and analyzes the application status of the second type of restricted stock as an innovation tool.Then,this thesis makes a case study of Lexin Technology Co.,Ltd.,which has be the first and implemented muti-stage equity incentive.After analyzing the background and motivation of the implementation of its equity incentive,this thesis analyzes the characteristics of the draft of share incentive issued for three consecutive years from 2019 to 2021.In addition,the article analyzes the specific implementation effects of the equity incentive mechanism from three levels,namely,market reaction,finance and non-financial affairs.this thesis proposes innovative applications for the equity incentive in SSE STAR market,which will be more advantageous to the development of independent innovation of scientific and technological companies According to the research results obtained from the case of Le Xin Science and technology,it will draw lessons from the targeted solutions of the company that will launch the equity incentive mechanism in the future.It points out the direction for how to gradually improve the equity incentive mechanism of China’s SSE STAR market.