Research On Implementation Effect Of Equity Incentive Scheme Of Guangfeng Technology Based On Performance Evaluation

In recent years,thanks to the country’s strong support for innovation and entrepreneurship,enterprises on the Science and Technology Innovation board have developed rapidly.The impact and uncertainty brought by the novel coronavirus epidemic have also become an opportunity for enterprises to transform,explore and innovate.In order to better survive and even stand out in the fierce market competition,the science and technology innovation board enterprises have joined the army of equity incentive.At the same time,the second type of restricted stock related policy is more relaxed,also gives enterprises more freedom in the design of equity incentive scheme.Because of this,it is increasingly important for enterprises to clarify whether the implementation of equity incentive can achieve the expected effect,what impact equity incentive has on the performance of enterprises,how to optimize the equity incentive program and other issues.This paper studies the equity incentive scheme of enterprises by case analysis,and explores the implementation effect of the incentive scheme by evaluating the relevant performance.Guangfeng Technology is the first company in China’s scientific innovation board laser display industry,with leading core technology and invention patents at home and abroad.Since its listing in 2019,it has implemented the second type of restricted stock incentive plan four times.By referring to the existing domestic and foreign research and relevant theories,this paper analyzes the motivation,content and implementation effect of the four equity incentive schemes implemented by Guangfeng Technology,comprehensively uses comparative analysis method,entropy weight TOPSIS method,event study method and other research methods,through the vertical and horizontal comparison of financial indicators and comprehensive evaluation of financial performance.And the non-financial performance analysis of market response,personnel,research and development,market share four aspects,explore the implementation effect of Guangfeng Technology equity incentive program.It is found that the implementation of the equity incentive program of Guangfeng Technology has a certain positive impact on the financial performance.In terms of nonfinancial performance,although the short-term market effect is not significant,it helps to expand the staff,improve the efficiency of R&D investment and market share.In general,the four equity incentive schemes of Guangfeng Technology have achieved limited positive effects,which are conducive to the long-term development of the enterprise.However,there are still some problems in the equity incentive schemes,such as the single setting of performance assessment indicators at the company level and improper classification of performance assessment levels.In view of these problems,it is suggested that Guangfeng Technology improve the equity incentive scheme from the aspects of performance evaluation index,equity allocation ratio,incentive period and so on.The research is helpful for Guangfeng Technology to design equity incentive scheme scientifically and reasonably,so as to obtain more significant incentive effect and avoid blind implementation of incentive,hoping to provide reference for relevant enterprises to implement or improve equity incentive scheme.