我国中小型高科技企业股权激励的实施现状分析——以创业板上市公司为例

Research on Practice of Equity Incentives in Small and Medium Sized Hi-tech Enterprise in China——An Example of GEM Enterprises

收集截止2011年8月25日前的创业板上市公司已经公布的股权激励草案和调整方案,在此基础上分析高科技企业股权激励的实施现状(创业板上市的企业大部分属于高科技企业)。发现我国高科技企业实行股权激励的主要问题有,激励方式单一,行权价格制定不合理,股市波动削弱股权激励计划的激励作用,激励计划实为福利计划,并提出管理建议。

Using the data from published equity incentives plans and readjustment plans of the enterprises in GEM, the paper studies the practice of equity incentives in small and medium sized hi - tech enterprises （ most enterprises in GEM are hi - tech enterprises）. The result shows that problems of equity incentives in Chinese hi - tech enterprises are simple in incentive, unreasonable in price -determined, which weakens the incentive function and therefore affects the welfare in fact. Finally, the paper probes into the future directions of supervision carried out by relative supervisors.