A Study On The Stock Rights Incentive Mechanism Of High-tech Enterprises Based On Human Capital Property Rights

The high-tech enterprise is a economic entity intensively with knowledge technology and talented persons, and its fast development is no doubt due to the innovations of knowledge, technology and management which are mostly mastered by the persons with innovative knowledge. The specialized human capital, including managers core technology personnel and so on, have become the main production factors of high-tech enterprises, the key of the enterprises' existence and development. Therefore, human capital incentive has become the important part of the high-tech enterprises' governance mechanism.Based on the relevant research home and abroad, and combined with qualitative analysis and quantitative analysis altogether with normative analysis and empirical analysis approaches, this thesis is about a study on the stock rights incentive mechanism to the human capital owners of high-tech enterprises in China with the Human Capital Property Rights theory as basic theory . This thesis not only analyzes the human capital property rights status of Chinese high-tech enterprises and its incentive problem with normative approaches, but also makes an empirical analysis on the stock rights incentive effect of listed high-tech companies in China. The analysis results show that the human capital owners can be effectively motivated by awarding them corporate property through stock rights incentive system, it also shows that there is a distinct stock incentive effect of listed high-tech companies in China at present and the corporate performances of per managerial stockholding level higher are obviously better than the lower ones'. So it is necessary to put stock stimulation in practice actively, to increase the level of managerial stockholding and to enlarge the range of incentive objects that not only include the senior management but also the key workers such as core technology talents.Stock rights incentive is to award some employees a certain stocks through a promissory approach at a certain time with a view to motivate and restrict those employees who then become a unity with the enterprise to share the profits as well as take on the risks. Taking the real situation of Chinese high-tech enterprises, the obstacles of policy and rules of law together with the ineffective stock market into consideration, this thesis suggests implementing phantom stock option incentive plan based on economic value added (EVA) in our high-tech enterprises nowadays, and introduces in detail how to design the incentive plan .