Study On The Scientific And Technological Talents Equity Incentive In High-tech Company

Knowledge economy era is a highly competitive era of human capital. Technological innovation and scientific research of scientific talents is crucial for the development of high-tech enterprises, which is also the driving force and source of growing businesses. However the highly turnover rate and the lost of key technology and talents bring great losses to the enterprises. Equity incentives have an important advantage to attract and retain talent. High-tech enterprises use equity incentives to motivate scientific talents not only can maintain the stability of scientific and technological personnel, but also can improve the innovation capability of the whole enterprises in order to promote the enterprises’ performance.Equity incentive was originated in the 1950 s and 1960 s in the United States. Currently more than 90% of the 7000 listed companies in the United States and 100% of the US high-tech enterprise have implemented incentive. With China carrying out the reform of equity division in 2005, equity incentives continue to develop in Chinese enterprises. According to statistics, 30% of the Chinese listed companies have implemented the equity incentive meanwhile the number of high-tech enterprises who implement the equity incentive is increasing wildly. With the improvement of the human capital importance, more and more enterprises will choose the way of equity incentive to motivate the technological talents in the future.This article aims to analyze the equity incentive situation of scientific and technological talents in high-tech enterprises. Firstly, based on the principal-agent theory, incentive theory, human capital theory and residual claim theory, this paper analyze the status quo, the development process and characteristics from 2005 to 2015; Secondly,analyze applications of the three common equity incentives(stock options, restricted stock, stock appreciation rights); Thirdly, this paper chooses the tech enterprises, which is the first time to implement the restricted stock incentive in 2013 as samples. By the use of SPSS19.0 software and multiple linear regression model to study correlation between the ratio of incentive equity to scientific talents and business performance; Finally, this paper analyze the choice of equity incentives, the implementation and problems existing after the implementation in order to find the reason of poorly incentive effect, and propose suggestion of the whole incentive plan process.This article combined the development of the high-tech enterprises with the equity incentive of scientific talents and analyzed the relationship between the two above, and researched the effect of the current most widely used incentive restricted stock, the main conclusions as following:(1) currently high-tech enterprise implement equity incentive plan of large-scale, approximately 28.3% of the high-tech enterprises use equity incentive to motivate talents and the equity incentive plan presents some certain characteristics;(2) restricted shock incentive currently become the main equity incentives form of technology talent in high-tech enterprise and more than 75% of the enterprises, who implement equity incentive located in the manufacturing sector;(3) there is a positive correlation between the proportion of equity incentive talents and business, but did not significantly affect the short-term performance;(4) there are certain problems exist in the choice of incentives, the implementation and process after the implementation, which affect the equity incentive effect;(5) high-tech enterprises are required to provide a good environment for the implementation of equity incentive, keep real-time monitor for equity incentive plan, and actively promote the implementation of equity incentive plan.The innovation of this paper may exist in the classification research of equity situation for scientific talents in high-tech enterprises and targeted research for restricted stock incentive effects of scientific talents, which may provide some information and reference for high-tech enterprises equity incentive. This article also has some limits. First, equity incentive effect is separate linked to the business performance. Second, because of the data availability, this paper can only study the effect of short-term incentives for high-tech enterprise. There also need to conduct a comprehensive analysis and depth research on the effectiveness of the scientific talents’ equity incentive plan in high-tech enterprises in the future.