差异化战略下的股权激励契约结构及其创新促进机制

Equity incentive contract structure and its innovation promotion mechanism under differentiation strategy

摘要:

股权激励契约是由多个要素组成的综合体,不同竞争战略需要匹配不同的股权激励契约结构。基于两家科创板公司的股权激励案例分析,发现差异化战略下的公司股权激励契约结构的共同特征有：激励对象聚焦核心技术人员与业务骨干、激励范围广且激励期限长、激励差距大小受治理结构影响且技术团队激励差距相对较小、行权业绩条件包括财务指标及与科技创新相关非财务指标且各指标目标值中等难度等等。该契约结构中的各要素相互关联、协同促进公司进行自主创新、突破创新与持续创新,支持其差异化战略实现。

Abstract:

Equity incentive contract is a complex composed of multiple elements. Different competitive strategies need to match different equity incentive contract structures. Based on the equity incentive case analysis of two science and technology innovation board companies, it is found that the common characteristics of the equity incentive contract structure of companies under the differentiation strategy are as follows: The incentive target focuses on core technical personnel and business backbone, the incentive scope is wide and the incentive period is long, the incentive gap is affected by the governance structure and the incentive gap of technical team is relatively small, the exercise conditions include financial indicators and non-financial indicators related to scientific and technological innovation, and the target value of each index is of medium difficulty and so on. All elements of the contract structure are interconnected and influence each other to promote the company to carry out independent innovation, breakthrough innovation and continuous innovation, and support the realization of its differentiation strategy.