| With the experiment of SSE START Market and registration system,China’s capital market related system is constantly improving,attracting more and more science and technology innovative enterprises to join in the capital market.Equity incentive,as an important means of corporate governance and incentive,has been applied by many listed companies,especially high-tech innovative enterprises that attach importance to human capital.Based on principal-agent theory,dual economics theory and stakeholder theory,this paper selects the second type of restricted stock plan and stock appreciation right incentive plan announced in 2020 by AEMC,the leading enterprises in the semiconductor equipment subdivision field of SSE START Market,as the case study object.This paper introduces the basic situation,incentive plan background and specific equity incentive plan of micro and medium companies.On this basis,this paper analyzes the equity incentive scheme in detail.First of all,the motivation of the first equity incentive plan after the listing of AEMC is analyzed.This paper finds that the plan is to retain and attract core talents,relieve cash flow pressure and enhance enterprise value.Secondly,it combs the equity incentive strategies of medium and micro companies,which are independent pricing,multi-level incentive and equal emphasis on incentive and constraint respectively.Finally,from the market performance,financial performance analysis and non-financial performance respectively from the short-term and long-term impact to explore the effect of small implementation of equity incentive,this paper found that equity incentive can produce positive market reaction,is conducive to improve the financial performance of enterprises,and the value of enterprises.The enlightenment of the case summarized in this paper is that the Listed companies establish equity incentive awarded the prices should comprehensively consider the effect of long-term and short-term,incentive strength on incentive object,incentive tools form multi-level differentiated motivation,science of the equity incentive plan is helpful for improving enterprise financing ability,the enterprise should also pay attention to the rules of equity incentive,especially when great changes have taken place policy,Ensuring that the equity incentive plan keeps pace with The Times will ultimately help promote the medium-and long-term development of the enterprise. |
