| As early as the 1950 s,equity incentive has become a more common use of enterprises as an incentive approach.There is evidence that equity incentive can be welcomed by all kinds of enterprises,because it can not only effectively alleviate the rising agency cost caused by the separation of the two rights,improve the governance structure and enhance the performance,it can also help motivate employees to improve their work enthusiasm and vitality.Furthermore,as the competition intensifies in the capital market,talents act a pivotal part in the process of sustainable development of enterprises,so the demand for professional talents is also growing.Under the background,the equity incentive can help the enterprise to absorb,use and educate talents,reduce employee turnover rate and so on through its high interest attraction and long-term binding force.In 2019,the introduction of new rules on equity incentives of STAR Market has brought good news to the listed companies on.As the third draft of equity incentive and the most representative high-tech enterprise in IC industry,the equity incentive scheme implemented by Montage Technology Co.,Ltd.is quite innovative,which is worth discussing and analyzing.Through the discussion of the innovation,the implementation effect and the existing problems in its plan,it will not only be beneficial to enrich relevant academic materials,it also helps to provide some referential value for other listed companies in the same industry to implement stock option incentive.The smooth implementation and good effect of stock option incentive depends on various considerations,such as whether a company chooses a stock option or a Restricted stock or a Stock appreciation right,what kind of incentive range to choose and how many shares to allocate,etc..In short,the equity incentive plan contains all aspects of the details of the setting.The company’s industry,status,its own operating conditions and development direction will affect the formulation of its equity incentive content.Then based on the different motivation and incentive content,each company’s implementation of the stock option incentive results may be very different.Based on the angle,this thesis chooses the motivation of Restricted stock of MONT as the research object,and uses some specific research methods to write the full text.Specifically,first of all,it mainly elaborates the setting and sense of this thesis,collects and summarizes the literature related to STAR Market and stock option incentive at domestic and overseas.Then,it expounds the concept,characteristics and elements of the listed companies and stock incentive on the STAR Market,and analyzes the difference between the stock incentive system of the STAR Market implemented in China in that time and the stock incentive system of A-share before it.Thirdly,it explains the basic situation of the scientific and technological incentive,the intention of the execution of the equity incentive,and the detailed contents of the project.Fourth,it analyzes the effect of the current execution of the Restricted stock,the discussion of the implementation effect mainly starts from the four major financial indicators,the market response and the main R & D data.Finally,through the analysis of the specific details of its program,point out the problems in the program and propose suggestions for improvement.Through the above five parts of the elaboration and analysis,this thesis has drawn the following relevant conclusions.STAR Market’s incentive system can bring listed companies to break through the previous restrictions of the new experience,to promote these high-tech enterprises to realize benefits in a way more in line with their own needs.At the same time,the listed companies of STAR Market should continue to make corresponding adjustments according to their own conditions and the problems existing,such as improve the equity incentive system,reasonable allocation of equity incentive proportion,flexibility to set the conditions of equity incentive assessment and extend the equity incentive waiting period,to better leverage the benefits of Restricted stock and contribute to the long term sustainability of the company. |
