Research On The Motivation And Implementation Effect Of The Equity Incentive Scheme Of NAURA

The modern equity incentive first appeared in the United States in the 1950 s.The domestic academic research shows that the equity incentive in China can be traced back to the personal equity system of the Jin Dynasty.The purpose of equity incentive is to enhance the enthusiasm of employees and promote the long-term development of enterprises by giving them equity.The market economy has been developing in China for more than 40 years.At present,the main contradiction in China is "the contradiction between the people’s requirements for the establishment of an advanced industrial country and the reality of a backward agricultural country,the contradiction between the people’s needs for rapid economic and cultural development and the current situation where the economy and culture cannot meet the people’s needs".The main task in the future is to vigorously develop social productive forces.Chip semiconductor is the greatest invention in human history,and is widely used in the Internet,military,integrated circuits,consumer electronics,communication systems,photovoltaic power generation,lighting applications,high-power power conversion and other fields.It plays an irreplaceable role in improving social productivity.At present,the academic research on equity incentive mostly focuses on the traditional manufacturing industry,and mainly studies the correlation between equity incentive and enterprise performance,the factors that affect equity incentive,the effect of equity incentive,and so on in the way of empirical analysis.In general,the research on equity incentive in semiconductor industry is less.Based on the principal-agent theory,incentive theory and human capital theory,this paper takes Beifang Huachuang,a semiconductor equipment supplier in Chinese mainland,as an example,to study the impact of its equity incentive on semiconductor enterprises in three aspects: market performance,financial performance and R&D performance through case analysis.At the same time,this paper also introduces the same industry enterprises-Shanghai Wanye Enterprises as the comparison object,and compares the impact of equity incentive on semiconductor enterprises.Through this study,it is found that the formulation of equity incentive exercise conditions for R&D innovation is not only conducive to the improvement of financial performance of semiconductor companies,but also conducive to the enhancement of enterprise innovation ability and core competitiveness.As a leading supplier of semiconductor equipment in China,North Huachuang’s research and analysis on its equity incentive not only enrich the equity incentive research of listed companies,but also provide a new research perspective,which has certain theoretical significance;At the same time,North Huachuang has implemented equity incentive for the first time since 2018,which started late.There is still room for improvement in its equity incentive plan.The research on its equity incentive plan can help optimize the formulation and implementation of subsequent incentive plans,which has positive practical significance.