基于生命周期理论高新技术企业的股权激励方案分析

Analysis on Equity Incentive Programs for High-Tech Enterprises Based on Life Cycle Theory

股权激励作为一种长期激励机制,其有助于企业管理者在决策时选择和执行有利于企业股东利益的方案,有助于提高员工的工作热情同时降低企业的委托代理成本。如今,股权激励已广泛地应用于企业管理。从现代企业生命周期理论来看,企业的发展可以分为孕育期、婴儿期、学步期等几个阶段,每一个发展阶段所具有的阶段特点不同,企业所采取的股权激励方案也会有所不同。高新技术企业虽然具有高创新性、高投入性、高风险性等特点,但也受到企业生命周期理论的约束。故如果想让股权激励在高新技术企业的发展过程中发挥理想的效果,就应该顺应企业各阶段的发展特性,同时根据企业自身的情况因地制宜。文章通过对高新技术企业各个发展阶段的特性进行剖析,并对其在初创期、发展期、成熟期、衰退期所应实施的股权激励方案进行了探讨。

As a long-term incentive mechanism,equity incentives help enterprise managers choose and implement programs that are beneficial to the interests of enterprise shareholders when making decisions,and help improve the enthusiasm of employees while reducing the agency costs of the enterprise.Nowadays,equity incentives have been widely used in enterprise management.From the perspective of modern enterprise life cycle theory,the development of enterprises can be divided into several stages,such as incubation,infancy,toddler,and each stage of development has different stage characteristics,and the equity incentive programs adopted by enterprises will also be different.Although high-tech enterprises are characterized by high innovation,high investment and high risk,they are also subject to the constraints of enterprise life cycle theory.Therefore,if it wants to make equity incentives in the development process of high-tech enterprises play the ideal effect,complying with the development characteristics of enterprises at various stages is crucial.And at the same time,it needs to adjust measures to local conditions according to enterprise's own situation.This paper analyzes the characteristics of each development stage of high-tech enterprises and discusses the equity incentive programs that should be implemented in the start-up,development,maturity and decline periods.