Research On The Practice And Effect Of Equity Incentive Innovation Of Lexin Technology In Science And Technology Innovation Board Enterprises

Equity incentive is a kind of incentive method which arose from abroad in the 1950 s.In order to alleviate the principal-agent problem of the company,the implementation of equity incentive plays a certain role,which makes the interests of enterprise managers and shareholders converge,but from another perspective,the possible "welfare nature" of equity incentive limits the improvement of corporate performance to a certain extent.Compared with foreign developed countries,the development of equity incentive system in Chinese listed companies is relatively late.The introduction of the stock Incentive Management Method of Listed Company(Trial Implementation)has led to the formal development of the stock incentive system,and the research on stock incentive in China has gradually improved.On June 13,2019,the Science and Technology Innovation Board was officially launched,and in July of the same year,the first batch of 25 companies went public.The science and Technology innovation Board made innovations in the equity incentive system,such as incentive object,incentive tool and grant price.Including Lexin as Kechuang board listed on the first information technology enterprises of science and technology is the first company of equity incentive,according to the release of the equity incentive scheme,fully embodies the Kechuang board on the new features of equity incentive,studies in the planning,implementation effect and problems existing in the process of implementation,Kechuang board other listed companies in China has a certain reference value.In this paper,based on relevant theories of equity incentive and related policies of the science and Technology Innovation Board,the implementation of equity incentive of the first25 companies listed on the science and technology innovation Board is sorted out,and the new characteristics and implementation of equity incentive of the science and technology innovation board are summarized.In Chapter 4,a specific case is introduced to sort out the equity incentive plan of the third phase of Lexin Technology,analyze its implementation effect by using financial indicators and non-financial indicators,analyze the possible problems in the implementation process,and finally put forward the countermeasures for optimization.It is found that the first batch of listed companies as a whole fully respond to the new system of science and technology innovation board in equity incentive design,the scope of incentive objects has been expanded,incentive tools widely adopted the second type of restricted stock,grant price to give a large discount.The equity incentive design of Lexin Technology has some common advantages of the whole science and technology innovation board,but the incentive effect in financial performance and other aspects is slightly insufficient after the implementation of equity incentive.Further analysis,Lexin technology equity incentive has the problems of insufficient incentive strength,large share distribution gap and incentive with welfare color.In view of this,the author also gives some suggestions to select the appropriate incentive scale,determine the reasonable incentive object and exercise conditions,and encourage multi-period equity incentive.