差异化战略下的股权激励契约结构及其创新促进机制——基于科创板公司的双案例分析  

Equity Incentive Contract Structure and Its Innovation Promotion Mechanism Under Differentiation Strategy:Dual Case Analysis Based on Science and Technology Innovation Board Companies

作　　者：冉秋红[1] 邓赫 Ran Qiuhong;Deng He(School of Economics and Management,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《科技管理研究》2022年第13期173-181,共9页Science and Technology Management Research

基　　金：国家自然科学基金项目“制度环境、最终控制人投资组合集中度与民营上市公司价值”(71672129);湖北省会计学会会计科研课题重点项目“提升企业技术创新动态能力的管理会计控制体系研究”(HBKJ2016Z01)。

摘　　要：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。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.

关 键 词：差异化战略 股权激励契约结构 科技创新 协同作用 

分 类 号：F275[经济管理—企业管理]