Research On The Influence And Mechanism Of The Second Type Of Restricted Stock Incentives Implemented By The Enterprises Of SSE STAR Market

China has officially set up a STAR Market on the Shanghai Stock Exchange to implement the national strategy.According to the listing requirements of the SSE STAR Market,companies listed on the SSE STAR Market must have "hard technology".In science and technology enterprises,the most important resource is people,and the core talents who master key technologies are the source of enterprise value.Therefore,how to retain talents,use talents and make talents give full play to their value is a major task for the enterprises of SSE STAR Market.In order to meet the talent demand of the enterprises of SSE STAR Market,CSRC and SSE have improved the related system of equity incentive of the SSE STAR Market.By the end of 2021,183 listed companies on the SSE STAR Market had launched 230 equity incentive plans.The companies implementing equity incentive accounted for about 48.54% of the total number of companies on the SSE STAR Market.In the selection of incentive models,the most frequently used model for the enterprises of SSE STAR Market is the second type of restricted stock model,which was selected by 216 equity incentive plans,accounting for93.91%.The successful implementation of equity incentive plan is affected by many factors.Different capital market blocks,different types of enterprises and different incentive modes may affect the implementation of equity incentive plan.As one of the earliest companies listed on the SSE STAR Market and having implemented the second type of restricted stock incentive,the Bright Power Semiconductor has relatively sufficient research data and typical enterprise scale and type.Through the research on the second type of restricted stock incentive of the Bright Power Semiconductor,analyze its influence and mechanism of action,draw valuable conclusions and enlightenment,which can provide reference for the same type of enterprises.This thesis adopts the method of combining theoretical research and case study,and conducts an in-depth study on the Bright Power Semiconductor’s implementation of the second type of restricted stock incentive plan.The specific ideas are as follows: Starting from the background that the companies on the SSE STAR Market generally choose the second type of restricted stock model,on the basis of understanding and summarizing the concepts and characteristics of the second type of restricted stock incentives,the thesis focuses on the analysis of the implementation of the second type of restricted stock incentives by the Bright Power Semiconductor.The non-financial performance,financial performance and short-term market reaction of the second type of restricted stock incentives are analyzed,the mechanism of action is analyzed,and relevant conclusions and enlightenments are drawn.Based on the above ideas,this article concrete structure is as follows: first of all,this thesis introduces the Bright Power Semiconductor implementation of the second kind of restricted stock incentive background and significance of the case study,reviews the research of domestic and foreign scholars on the influence of equity incentive,the mechanism of equity incentive and the characteristics of equity incentive of the SSE STAR Market.It is found that most scholars agree that the implementation of equity incentive can effectively improve enterprise performance.At the same time,scholars generally believe that the mechanism of the influence of equity incentive is to affect the behavior of the incentive object,so as to achieve the incentive effect.Secondly,this thesis introduces the second type of restricted stock incentive related concepts,characteristics and the mechanism of influence.Meanwhile,principal-agent theory,human capital theory and incentive theory are also introduced in this part,which provides a theoretical basis for the subsequent analysis.Then,this thesis introduces the scheme,process and motivation of the Bright Power Semiconductor’s implementing the second type of restricted stock incentive,and analyzes the impact of the Bright Power Semiconductor’s implementing the second type of restricted stock incentive from the perspectives of human capital,technological innovation,financial performance and market reflection.Through the impact analysis,it is found that the implementation of the second type of restricted stock incentive has brought positive effects to the Bright Power Semiconductor,which not only retained talents,attracted talents,promoted the enterprise’s technological innovation,but also improved the enterprise’s financial performance and the capital market reaction based on the event study also performed well.Finally,this thesis analyzes the mechanism of the Bright Power Semiconductor’s implementation of the second type of restricted stock incentives.First of all,the second type of restricted stock incentive,through the reasonable setting of incentive scope,exercise price and Performance conditions,produces effective incentive force,acting on the incentive object.Secondly,under the action of effective incentive force,the incentive object realizes the optimization of decision,the reduction of agency cost and the construction of technological advantage through the implementation of positive behavior,so as to improve the financial performance of the enterprise and generate the potential profitability.Finally,with the improvement of corporate financial performance and the formation of potential profitability,under the effect of resource allocation in the capital market,investors adopt the way of“voting with their feet” to promote the rise of corporate stock prices,and finally realize the reward of incentive objects.At the same time,from the above analysis,we draw the conclusion that the Bright Power Semiconductor implements the second type of restricted stock incentives and the enlightenment on the protection of shareholders’ rights and interests,the setting of performance conditions,and the improvement of internal and external supervision mechanisms in the future.