新型股权激励机制与新兴企业上市研究

Study on New Equity Incentive Mechanism and Innovative Companies Listed

知识与资本密集型创新型企业的一个显著特征是大多都已实施了大面积的员工持股或持续滚动的新型股权激励计划。然而,保荐机构与监管层基于首发管理办法中对公司股权稳定性的规定,存在着操作层面上的保守操作或"一刀切"的简单处理,即一般要求公司终止该计划后再上市,而这与公司核心团队的稳定性需求相违背,成为这类拟上市公司被迫赴海外上市的重要因素之一。本文通过分析带有股权激励机制新兴企业的特征,发现股权激励机制与上市准入制度在财务指标、股权结构及操作层面链接不畅,并从法律、规章制度层面及风险防范角度进行可行性分析,最后提出了在新形势下对金融支持产业发展的改革建议,具有一定的理论意义和实践价值。

A knowledge-intensive and capital-intensive notable feature is the most innovative companies have implemented a large area of ESOP or continuous scrolling of the new equity incentive plan. However, the sponsor starting with regulators based management approach provides for the stability of the company＇s equity, there is a conservative operation on the operational level, or ＂one size fits all＂ simple process. That is, generally require the Company to terminate the program after the listing, which is the company＇s core team and stability demands contrary, become an important factor of these listed companies are forced to go overseas listing. In this paper, with the characteristics of emerging enterprise equity incentive mechanism by analyzing the equity incentive mechanism and market access system in the financial index, ownership structure and operational links are sluggish, and analyzes the feasibility from the law, regulations and risk prevention perspective, the proposed under the new situation of the financial support for industrial development and reform suggestions, has certain theoretical significance and practical value.