Study On The Effectiveness Of The Implementation Of Stone Technology Equity Incentive Innovation Of Listed Companies On Science And Technology Board

As a long-term incentive,equity incentives have been widely used in foreign listed companies since the 1950s.It was not until China’s equity incentive related policies were introduced one after another that the research on equity incentive was gradually enriched by domestic academic researchers.Before that,our country started to research later and developed very slowly compared to the developed western countries.The STB officially opened in July 2019 and has been open for less than two years so far.As a new-generation information technology company on the STB,Stone Technology’s equity incentive plan has attracted widespread attention from the promulgation of the draft to its later implementation.The study on the breakthrough of its equity incentive plan,the impact of implementing the equity incentive plan and the challenges in the process of implementation has some hints and implications for other listed companies on the China Science and Technology Board to implement equity incentives.Based on the theoretical study of equity incentive,this paper introduces the necessity of the study of equity incentive plan of the KCI Board from the policy related to equity incentive of the KCI Board,combined with the analysis of the listing conditions and company characteristics of the KCI Board.It also compares the "breakthrough" adjustment of the equity incentive policy of the board by referring to the relevant policies of the equity incentive plans of the listed companies in other sectors.Based on this,Chapter 3 of this paper presents a specific case study-Stone Technology.By examining the draft equity incentive plan issued by Stone Technology,the current status of equity incentive,the new adjustment of related policies and the motivation of Stone Technology to implement the equity incentive are analyzed,and the specific content of Stone Technology’s equity incentive plan is introduced in detail.Chapter 4 analyzes the implementation effects of Stone Technology’s equity incentive plan in terms of financial and non-financial indicators and market reactions,and uses the event study method to explore whether the implementation of Stone Technology’s equity incentive plan can really have a positive impact on the company’s development.At the end of the article,the results of the research and analysis are summarized,revealing that the implementation of Stone Technology’s equity incentive plan has had a positive impact on the company’s development.Finally,pertinent comments are made to improve the policies related to equity incentives for companies listed on the KCI.The study shows that innovation of incentive programs is an important and inevitable choice for equity incentives.The innovation of equity incentive plays an important role in the development of the companies on the STB.The listed companies should better utilize the effect of equity incentive and flexibly develop incentive programs according to the characteristics of the companies in order to support the stability and performance of the talent team of the companies listed on the STB.