Analysis on Equity Incentive Programs for High-Tech Enterprises Based on Life Cycle Theory
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.
equity incentiveshigh-tech enterpriseslife cycle theory
万方数据
维普
