Research On The Implementation Effect Of Equity Incentives In China And Micro Companies

The Science and Technology Innovation Board is an emerging sector in my country,which not only has many innovations in system design and other aspects,but also brings a new development environment for scientific research and innovation enterprises.Studying the various development plans implemented by enterprises under the new regulations of the Sci-tech Innovation Board will help improve the overall quality of listed companies and promote the sustainable development of the Sci-Tech Innovation Board market.Due to the establishment of the Science and Technology Innovation Board,new challenges have been brought to the design of the equity incentive plan.Considering the changes in the incentive object and incentive scope of the equity incentive plan,this paper selects a small and medium company for case analysis.It is the first company to use stock appreciation rights and restricted stocks for incentives at the same time.According to the company's prospectus,the company has implemented a wholly-owned shareholding plan since its establishment.The amount of equity incentives for Advanced Micro-Fabrication Equipment Inc is second only to Montage Technology.Due to the particularity of its equity incentive plan,this article takes the micro and micro company as an example,based on the benefit synergy effect,principal-agent theory and two-factor incentive theory,from the selection of incentive tools,incentive scope,exercise price and assessment Conditions to analyze the company's equity incentive plan to further understand the implementation of equity incentives in listed companies on the Science and Technology Innovation Board.And use case analysis method,event analysis method,etc.to analyze the effect of the implementation of the equity incentive plan of China and micro companies.The thesis first analyzes the impact of profitability,growth ability,operating ability and solvency on the financial performance of China Microelectronics after the implementation of the equity incentive plan,and then analyzes the comprehensive performance level of the enterprise based on the "Implementation Rules for Comprehensive Performance Evaluation of Central Enterprises".In addition,referring to the data disclosed by China and Micro Corporation,we will analyze the impact of the implementation of equity incentives on R&D capabilities and the open market in turn.Finally,based on the above analysis results,we put forward the problems and reasons of the current equity incentive plan of China and micro companies.For example,the equity incentive model is relatively single,the performance evaluation standard is not perfect,and the evaluation time span is relatively short.Propose corresponding suggestions in three aspects: setting up incentive models,improving assessment indicators,extending assessment time,and avoiding short-term behaviors.This article takes the sci-tech innovation board equity incentives as an entry point,to a certain extent,supports and enriches the research on equity incentives of listed companies on the sci-tech innovation board.Sort out and analyze,and then study the challenges of equity incentives in the practice of the science and technology innovation board,and propose corresponding countermeasures,in order to make a small contribution to the existing science and technology innovation board equity incentive research to a certain extent.