Research On The Impact Of Equity Incentives On The Innovation Performance Of SSE STAR MARKET Companies

Since the opening of the Science and Technology Innovation Board on the Shanghai Stock Exchange on July 22,2019,as of the end of February 2023,a total of296 companies on the Science and Technology Innovation Board have launched 395 equity incentive plans,more than half of the total number of companies on the Science and Technology Innovation Board.Unlike equity incentive plans on the main board,the "Measures for the Continuous Supervision of Listed Companies on the Science and Technology Innovation Board(for Trial Implementation)" released in March 2019 has brought a spring breeze to equity incentive on the Science and Technology Innovation Board.Innovative regulations have attracted the attention of many companies.In the same year,a company launched an equity incentive plan exclusively for enterprises on the Science and Technology Innovation Board under its guidance,not only selecting the incentive model of restricted stocks in the second category,but also having a low grant price The diversification of exercise conditions has to some extent optimized the weaknesses of equity incentive plans in other sectors,while maintaining its own characteristics,opening a new era for the development of the Science and Innovation Board.As the promoter of the first equity incentive plan for the Science and Technology Innovation Board,Espressif is different from the main board’s equity incentive plan in terms of the content of the equity incentive plan.While maintaining the characteristics of the Science and Technology Innovation Board,it also combines its own reality.Compared to other sectors,most of the enterprises on the science and technology innovation board are high-tech enterprises,and their demand for technological innovation is evident.Therefore,innovation performance also plays a crucial role in the daily production and operation of enterprises.Taking Espressif,the first science and technology innovation board enterprise to implement equity incentives,as an example,this paper studies the characteristics of equity incentive schemes on the science and technology innovation board that are different from the main board,Deeply explore the impact of equity incentives on enterprise innovation performance.This article not only uses theoretical research as the basis,but also analyzes specific cases of Espressif.To sort out relevant literature on equity incentives and innovation performance,and combine relevant theories as an important support for this article to conduct research.Taking Espressif as an example,from the perspective of the current situation of equity incentives in science and technology innovation board enterprises,this article introduces the current situation of Espressif and the overall development of the semiconductor industry,explores the motivation,and analyzes the role of equity incentives on innovation performance by combining specific equity incentive implementation plans,Based on the systematic analysis of the three stages of innovation input,innovation output,and innovation transformation,and finally using the entropy weight method for standardized processing and comprehensive analysis,it is concluded that the equity incentive plan of Espressif has a good effect and has a positive effect on promoting enterprise innovation performance,and optimization suggestions are given.The purpose of this article is to explore the characteristics of equity incentives in science and technology innovation board enterprises,combine the impact of Espressif’s equity incentive plan on innovation performance,find the relationship between equity incentives and innovation performance,and actively provide reference for improving the equity incentive mechanism and improving innovation performance for science and technology innovation board enterprises.