Research On The Impact Of Equity Incentive On Corporate Performance Of IFLYTEK

The separation of ownership and management rights created the problem of agency and agency.Equity incentives have emerged as the times require.The development of the knowledge economy has expanded incentives from management to core personnel.China has officially established the equity incentive system in 2006.Until now,policies have continued to improve,and equity incentives have become normal.In the era,In many practices of listed companies,the effect is different,it is worth studying.In the era of artificial intelligence,the research on the impact of the voice intelligence leader i FLYTEK’s equity incentive on company performance is expected to provide a reference for artificial intelligence high-tech companies.This article combed the literature on the theoretical basis of equity incentives,the relationship between equity incentives and company performance,and the factors affecting the effects of equity incentives.After that,the three equity incentives of i FLYTEK were sorted and analyzed in accordance with the framework of motivation-scheme-implementation.In-depth analysis of implementation performance from four dimensions: financial performance,market performance,human performance,and innovation performance: Use the financial indicator method to combine industry averages to make horizontal and vertical comparisons of the financial indicators of profit,operation,development,and debt service.And then comparison of "double difference" method with comparable companies to evaluate financial performance;The CAR method was used to examine the short-term market response before and after the equity incentive announcement,and the BHAR method was used to examine the long-term market response after the equity incentive announcement;Evaluate the effects of stability and attracting talents through the vertical comparison of the turnover rate of the incentive objects and the changes in the educational structure of the employees and the equity incentive income of the incentive objects.Evaluate innovation performance through vertical comparison of R & D personnel and cost input,patent applications for R & D output,and R & D per capita income.Finally,based on the results of the performance analysis,the points of reference and shortcomings of the equity incentive plans and targeted suggestions are discussed.The research results show that the first and third equity incentives have improved financial performance,human performance,and innovation performance,while the second equity incentives have not played a corresponding role.Regarding market performance,the first equity incentives caused the negative effects of short-term market response due to hidden dangers of instability in control,but with the introduction of strategic investors,they have been resolved and have obtained a good long-term market response,the second short-term and long-term market response to equity incentives was relatively small,and the third short-term and long-term market response to equity incentives was good.Provide some enlightenments for the equity incentive of artificial intelligence high-tech enterprises from the case analysis:(1)the choice of incentive mode should be suitable for the characteristics,development strategy,financial situation and external environment of the company at that time;(2)the normalization of equity granted in phases Incentive mechanism is a long-term incentive mechanism for fast-growing companies that takes into account the incentives of new employees and reduces the self-interest behavior of senior executives;(3)the scope and intensity of incentive targets are given to core technical personnel while taking into account management,and should be combined with Dynamic growth and scale adjustment of the enterprise;(4)Adopt a multi-dimensional comprehensive performance evaluation indicator system.Comprehensive indicators combined with multi-dimensional indicators can weaken the problem of unreasonable standard setting of a single performance indicator.In combination with non-financial indicators,consider using R & D innovation indicators.Setting performance evaluation standards should use vertical indicators for industry comparison.And consider the company’s own historical development status and future development strategies;(5)The improvement of the company’s internal governance mechanism is a guarantee for the effective implementation of equity incentives.