Research On The Equity Incentive Scheme And Its Implementation Effect Of Listed Companies In Science And Innovation Board

Equity incentive,as a long-term incentive mechanism for enterprises,is the best solution to the problems of principal-agent in modern corporate enterprises.Due to the short development time of the domestic capital market and imperfect conditions in the development process,the scope of implementation of equity incentives is limited.The split share structure reform and the successive introduction of relevant national regulations have brought good development space for the implementation of equity incentives for listed companies in my country.Science and Technology Innovation Board has been officially established on June13,2019.The state has given the science and technology innovation board a new mission,through technological innovation to promote high-quality economic development,hope to deepen capital market reform in an all-round way.As the “Discoverer”and “Breakout”of the reform of the capital market,the Science and Innovation Board is the “Testing ground”for deepening the reform of the system.From the perspective of equity incentive system,there have been more groundbreaking breakthroughs and development.Espressif was the first company to implement stock incentives at the Science and Technology Innovation Commission.So far,four periods of stock option incentive have been implemented.It is representative in the Science and Technology Innovation Board,this paper will set it as a case,it is hoped that through this research,it can provide a useful reference for other listed companies on the Science and Technology Innovation Board to carry out equity incentive plans.On the basis of studying the domestic and foreign literature on the implementation motivation,scheme setting and incentive effect of Equity Incentive,the concept and characteristics of science and Innovation Board,Equity Incentive and its related theories are considered and summarized,by using the methods of literature study,Case Analysis and event study,this paper studies the characteristics of stock right incentive of science and Innovation Board,it is mainly the characteristics of the Science and Technology Innovation Board Company,the characteristics of the equity incentive scheme and the differences between its policy and the main board policy of listed companies.And for the case company analysis,after introducing the basic information about the equity incentive of Espressif,starting from the motivation,the innovation of the specific content,the logic of the effective way and the advantages and disadvantages of the implementation effect of the Equity Incentive scheme are studied.Combined with the characteristics of the listed companies and the Equity Incentive Scheme,the paper summarizes the conclusions drawn from the research and analysis,and puts forward some pertinent suggestions on the problems existing in the implementation.