| Sci-Tech Innovation Board was officially launched in June 2019.The Rules of shares on Sci-Tech Innovation Board put forward a new type of equity incentive tool-the second type of restricted shares.The characteristics of this kind of incentive tools are as follows:after the incentive objects meet the ownership conditions of restricted shares,they contribute and register the company’s shares in batches.And this kind of incentive tools integrate the advantages of stock options and the first type of restricted shares.In addition,compared with the equity incentive system on the main board,the equity incentive system on Sci-Tech Innovation Board gives more space for independent design of listed companies on Sci-Tech Innovation Board in terms of incentive object,incentive price and incentive scope.As of December 31,2021,187 science and technology innovation board companies have issued a total of 250 draft announcements of equity incentive plans,of which 237 equity incentive plans have selected the second type of restricted shares or composite instruments of the second type of restricted shares combined with other instruments,accounting for 94.80%.Bright Power Semiconductor is a representative high-tech enterprise in the semiconductor industry listed on Sci-Tech Innovation Board,and has launched a multi-stage and high-frequency equity incentive scheme.Taking the equity incentive scheme of Bright Power Semiconductor’s second type of restricted stock as the research object,this thesis first combs the relevant theories of equity incentive,constructs a game theory model,clarifies the transmission mechanism and constraints of "incentive" to "performance",and establishes the theoretical basis of the thesis.Secondly,this thesis combs the background and motivation of Bright Power Semiconductor’s equity incentive scheme,further analyzes and interprets the elements of the equity incentive scheme launched by Bright Power Semiconductor,compares it with the equity incentive scheme of comparable companies in the same industry,and evaluates the scientificity and rationality of its equity incentive scheme design.Secondly,this thesis study the implementation performance of Bright Power Semiconductor equity incentive scheme from the aspects of short-term market performance,financial performance,impact on the company’s innovation and R&D,talent structure and so on,so as to further test the scientificity and rationality of the scheme.Finally,it summarizes the merits of Bright Power Semiconductor equity incentive scheme design,and puts forward policy suggestions for its shortcomings.Through the research of this thesis,it is expected to understand the adaptability of the second type of restricted stocks to Sci-Tech Innovation Board company,and provide a certain reference value for improving the equity incentive system of Sci-Tech Innovation Board;At the same time,it provides a reference basis for the design of equity incentive scheme for companies.According to the case study of this thesis,the following views are obtained: first,the design of Bright Power Semiconductor equity incentive scheme combines the characteristics of the company,showing the characteristics of wide incentive object coverage,clear incentive level,high incentive intensity and performance conditions,both scientific and challenging.Second,Bright Power Semiconductor equity incentive scheme has a significant part in promoting the company’s market performance,financial performance and economic value-added.Third,the equity incentive scheme of Bright Power Semiconductor has further enhanced the company’s attraction to talents,stimulated the company’s internal innovation power,and tested the scientificity and rationality of the scheme design.At the same time,based on the above findings,this thesis puts forward the reference and improvement for the equity incentive scheme of Bright Power Semiconductor: we should reasonably apply the new regulations and give full play to the advantages of the equity incentive system of SciTech Innovation Board;We should design a diversified assessment system of equity incentive in combination with the actual situation of the industry and the company;At the same time,we should fully consider the company’s profitability and pay attention to the accounting treatment of share based payment expenses. |
