Research On Equity Incentive Of High-Tech Enterprises Based On Life Cycle Theory

With the arrival of big data,digital and intelligent era,China’s high-tech enterprises are in the stage of rapid development,and economic status can be said to be related to the lifeline of the country’s economic development.On the one hand,the intensive characteristics of high-tech talents in high-tech enterprises determine the importance of talents,and the gap of core technical talents is large,and the flow of talents is frequent,and the competition for talents among enterprises is fierce.Therefore,high-tech enterprises begin to implement equity incentive plans on a large scale to tie up the interests of enterprises and employees so as to avoid brain drain.On the other hand,under the background of the separation of the two rights of the company system and the contradiction between principal and agent,the interests of management and shareholders are inconsistent.In order to pursue their own short term interests,the management may have a poor sense of innovative investment,thus harming the long-term interests of shareholders.In this case,it is difficult for hightech enterprises to develop and even decline.Therefore,as a long-term incentive mechanism,equity incentive binds the interests of enterprises and employees together,and the implementation of equity incentive is of great significance for high-tech enterprises.The life cycle of high-tech enterprises changes rapidly,and different life cycles are heterogeneous.In order to design equity incentive schemes that match the life cycle and make the equity incentive plan meet the development strategic needs of high-tech enterprises in different life cycles so as to achieve the incentive purpose of equity incentive,this studies the effect of equity incentive in different life cycle.This paper first introduces the equity incentive scheme and implementation of Wangsu Science and Technology in different life cycle.The effect of equity incentive in different life cycle is evaluated from three aspects: financial performance index,nonfinancial performance index and market response by the methods of horizontal and vertical comparison.According to the different characteristics of high-tech enterprises in different life cycle,this paper studies the difference mechanism of the implementation effect of equity incentive in Wangsu Science and Technology.Through the research,the following conclusions are drawn:(1)In terms of financial indicators,in the mature period of online technology,the stock option incentive model performs better in improving the performance indicators of enterprises,and after the enterprises enter the re-growth period,the stock option incentive model has no effect in improving the performance indicators of enterprises,while restricted stock is beneficial to improve the performance indicators of enterprises.(2)In terms of market reaction,the market recognition of equity incentive in mature period is higher than that in re-growth period.(3)In terms of non-financial indicators,in the mature period,the stock option incentive model performs better in improving employee stability and increasing R & D investment,but in the re-growth period,restricted stock plays a better role in improving employee stability and increasing R & D income than equity incentive.Generally speaking,the incentive effect of stock option is stronger than that of restricted stock in the mature period,and the incentive effect of restricted stock is stronger than that of stock option in the regrowth period.The results can provide a reference for high-tech enterprises to implement equity incentive plans in different life cycles.