| In the year of 2014,China Securities Regulatory Commission published the guidance on the pilot of implementing ESOP,which is the first time to provide guidance for the implementation of ESOP from the policy level since it was firstly implemented in China in the 1980 s.In response to this opinion,many companies have launched ESOP and it got development rapidly.In recent years,under the guidance of the strategy of "reinvigorating the country through science and technology" and "strengthening the country through talents",the number of high-tech enterprises in China has grown rapidly,the scale of enterprises has continued to expand,and the demand for high-knowledge and high-tech talents has also continued to grow.With its flexible system arrangement and preferential policy support,ESOP can effectively achieve the purpose of motivating employees,thus being favored by many high-tech enterprises.Based on this background,this paper selects the one of companies that implemented ESOP earlier after the introduction of the guidance—Nationstar Optoelectronics as a research case,to analyze the incentive path and implementation effect of ESOP in my country’s listed high-tech enterprises,exploring if the implementation of the Nationstar Optoelectronics’ s ESOP achieved the goal of closely integrating the interests of employees and the company’s development,improving the level of corporate governance,motivating the positivity and creativity of employees,and realizing the company’s sustainable development as the goal set in the draft released.The research results show that from the perspective of employees,they received positive capital gains after the share unlocking period by participating in the ESOP.From the perspective of company,it directly affects the behavior of company’s executives and ordinary employees,improving the company’s innovation performance,governance performance and financial performance.And indirectly sends positive signals to external investors,improving the company’s short-term stock market performance.The impact of implementing ESOP on corporate performance is mainly reflected in following aspects:(1)The input and output of innovation activities have increased significantly,the innovation efficiency has been significantly improved,and the innovation influence has been enhanced.(2)The degree of ownership concentration,which reflects the level of corporate governance,has increased.While financing restriction and agency costs have been significantly reduced.(3)The short-term performance of the stock market analyzed with CAR method when the time of the ESOP was announced and successfully implemented has been improved compared with the industry’s average;the profitability and operational capability reflecting company’s financial performance and the value creation ability analyzed with EVA indicators adjusted according to the features of high-tech enterprises also have been improved compared with comparable companies.Based on above analysis,this paper gives suggestions for listed high-tech enterprises and relevant government departments.Enterprises should choose reasonable timing and design for implementing ESOP on the ground of their own actual conditions;government departments should continue to improve institutional arrangements of ESOP and strengthen regulation for it. |
