Research On The Effectiveness Of Restricted Stock Incentive In Science And Technology Innovation Board

Since the implementation of the split share structure reform in 2005,the equity incentive mechanism has been deeply implemented in domestic enterprises in China.China ' s science and technology innovation board officially opened to market at the end of July 2019.With the pilot implementation of the registration system,the board has developed rapidly,and the lower threshold has attracted more and more enterprises to apply for listing.In the past two years,it has entered the blowout state and burst out special plate vitality.As an effective medium-and long-term incentive mechanism for enterprises,equity incentive has been gradually introduced by most enterprises to comprehensively enhance their vitality.At the same time,with innovation as the focus,scientific innovation board companies have strengthened scientific research investment,improved technological innovation and management level,and strived to build innovative companies with strong creativity,technological mechanism innovation and creativity.This article launches the research from the equity incentive and the company innovation development two aspects union,may construct the enterprise multi-level,the structure consummation medium and long term mechanism to lay the theory cornerstone,produces the good influence effect for the company development.This paper takes Lexin(Information)Technology Co.,Ltd.,which is the first company to implement equity incentive in sci-tech innovation board,as a typical research case,analyzes its multi-period incentive effect,and summarizes the general optimization direction of implementing equity incentive in sci-tech innovation board.This paper focuses on the equity incentive scheme of Registration System.Through descriptive statistics,this paper finds that the equity incentive of sci-tech board enterprises under the registration system is different from that of other plates in many aspects.The number of equity incentives implemented by sci-tech innovation board enterprises increases year by year and involves 30 industries,with a wide range.The equity incentive scheme released in the science and technology innovation board has certain characteristics in the incentive mode,grant price,performance conditions,grant objects and shareholding ratio.In addition to individual incentive scheme,more than 90 % of the stock incentive implemented by science and technology innovation board choose the second type of restricted stock,which combines the advantages of stock options and the first type of restricted stock,has low risk and good incentive effect,and is more suitable for innovative listed companies;low grant prices,less than 50 per cent of the day 's share price,account for the majority;the design of performance conditions is also more diversified,and the evaluation index is not only based on financial indicators;the award object is more extensive,no longer limited to the company management,pay attention to the incentive of R & D technicians;whether in terms of the number of shares issued or the proportion of shares held,equity incentive is still at a low level.As a leader in the field of communication chip in science and technology innovation board,Lexin technology takes the lead in implementing multi-period equity incentive after listing has certain typicality and representativeness.This paper takes the three-stage equity incentive policy of Lexin Technology as the research object,and the implementation effect of its threestage equity incentive is positive.The three-stage equity incentive schemes issued by Lexin Technology from 2019 to 2021 are both the same and different : the second type of restricted stocks are adopted in the incentive methods,and the core technical personnel are included in the incentive scope,and the incentive objects are divided into the first type and the second type according to the different wage structures of jobs;different assessment indicators are adopted.In contrast,the assessment period of the second type of incentive objects is longer but the performance requirements are relatively high.In this paper,the event study method is used to calculate the market reaction of the draft incentive plan.The calculation with the date of the draft release as the event date shows that CAR does not perform well except for the first period,and the announcement of the latter two periods of the incentive plan does not attract the attention of investors,and the date of the draft release contains the influence of other events.Taking Jiangfeng Electronics as a comparative enterprise,this paper analyzes and summarizes the financial performance in recent years.The indicators of Lexin Science and Technology and Jiangfeng Electronics are basically consistent with the trend of the industry.The financial capacity has improved after the first equity incentive in 2019.However,due to the impact of the epidemic environment from the end of 2019 to 2020,all walks of life have declined,and the operation status of Lexin Science and Technology has also been affected,resulting in a decline in financial data.However,without the impact of the epidemic,it can be seen that the quarterly data in September 2021 is stable and rebounded from the previous year.From the perspective of non-financial indicators,Lexin 's intellectual property rights have steadily increased in recent three years,effectively improving the core competitiveness.Although there are a small number of employees leaving,the overall staff size,especially R & D personnel,can be expanded in a wide range and the quality of education is high.The market share of the company ' s market segments has also ranked first in the world for many years.Combined with the analysis of financial and non-financial indicators of Lexin science and technology,it is found that there is room for optimization in the formulation of equity incentive plan in the whole science and technology innovation board.Firstly,it is necessary to set up scientific and diversified assessment indicators,and take the long-term strategic development of the company into consideration.Secondly,it is necessary to reasonably set the ownership period and tenure,reduce the possibility of leaving office,and strengthen the retention of talents.Then the ownership conditions and incentive intensity should be reasonably planned to avoid ' free rider ' phenomenon.Finally,reasonably arrange the quantity and price of restricted stock granting part and reserved part,and reduce the waste and fluctuation of grant price.From the short-term,long-term,financial and non-financial multi-dimensional perspectives,this paper analyzes and evaluates the effectiveness of the formulation of the second type of restricted stock incentive plan of Lexin Technology,and provides corresponding suggestions for the formulation of the equity incentive plan of the Science and Technology Innovation Board from the perspective of long-term and sustainable development,and hopes to provide reference for similar science and technology innovative companies.