Research On The Scheme And Performance Analysis Of Compound Equity Incentive On The Science And Technology Board

Established in 2019,the Science and Technology Innovation Board(STB)is an independent board mainly for science and technology innovation enterprises.The innovation of such enterprises makes them have more urgent talent needs and need corresponding measures to attract and retain talents,and equity incentive is a good way to do so.In response to the characteristics of the STB enterprises,the STB equity incentive system has made a series of innovations to provide more flexible space for STB enterprises to implement equity incentives.In this paper,we take the first company on the board that uses a combination of the second category of restricted stocks and stock appreciation rights as a case study to analyze its compound equity incentive scheme and its performance,hoping to provide some reference for the design of equity incentive scheme for AMEC and other companies on the board,and this paper hope to further enrich the research on the equity incentive programs of KCI companies.This paper firstly compares the literature on equity incentives at home and abroad,and explains the definition of concepts and related theories to provide a basis for this research.The analysis concluded that the features of the compound equity incentive scheme adopted by AMEC include the combination of the second category of restricted stocks and stock appreciation rights,which can reduce costs,balance rights and obligations,and provide targeted incentives to the incentive recipients.The appraisal model makes the assessment more comprehensive and integrated.However,there are also problems with the single assessment index,the high incentive price and the lack of long-term orientation in the vesting and exercise arrangements.The study then analyses how the compound equity incentive scheme affects corporate performance,and examines the effects of the compound equity incentive scheme in terms of non-financial performance,financial performance and short-term market response.Finally,in view of the shortcomings of the equity incentive scheme of the medium and micro companies,this paper also proposes to set multi-dimensional assessment indicators,choose the appropriate incentive timing,and adopt a gradual vesting and exercise arrangement,so that the compound equity incentive can play a better incentive effect.