股权激励在降低委托代理成本、吸引人才等方面发挥着良好的作用，成为国内外学 者研究的重点问题。企业通过实施股权激励，有利于把公司利益与员工利益紧密结合在 一起，调动员工的工作热情，促进企业的可持续发展。股权激励现在已成为众多企业对 员工激励的最常用方式之一。 高新技术企业依赖于技术的发展，研发技术人员是企业发展的主力军。为了吸引和 留住核心人才，适应市场发展需求，实施股权激励的高新技术企业日益增多。本文通过 对股权激励理论文献的梳理，以高新技术企业实施股权激励的现状为背景，对海康威视 和英飞拓两家高新技术企业的四期股权激励方案进行了对比分析。本文重点分析了海康 威视和英飞拓的股权激励方案在激励模式、有效期限、激励对象、激励额度及业绩考核 条件方面的不同，目的是探究股权激励方案的设计要素差异是否会带来明显不同的激励 效果。 通过海康威视和英飞拓在财务指标和非财务指标方面的表现，对其股权激励实施效 果进行分析，发现海康威视的财务指标和非财务指标表现较好，股权激励有显著的正向 效果，而英飞拓的业绩波动较大，财务指标及非财务指标的表现不理想，股权激励实施 效果较弱，并从公司性质和股权激励方案设计角度对股权激励实施效果差异原因进行了 分析，得出高新技术企业股权激励方案设计要素差异会带来明显不同的激励效果，进一 步验证了开篇的设想。最后，从股权激励方案要素设计方面带来一些启示，希望对高新 技术企业未来实施股权激励提供一些借鉴。 关键词：股权激励；高新技术企业；效果 II RESEARCH ON THE EFFECT OF EQUITY INCENTIVE IN HIGH TECHNOLOGY ENTERPRISES——BASED ON HIKVISION AND INFINOVA COMPANY ABSTRACT Equity incentive plays a good role in reducing the cost of principal-agent and attracting talents, which has become the focus of domestic and foreign scholars. Through the implementation of equity incentive, enterprises can combine the interests of the company and employees closely, mobilize the enthusiasm of employees and promote the sustainable development of enterprises. Equity incentive has now become one of the most commonly used methods for employee incentives in many companies. High technology expertise depends on technological development and R&D technicians are the main force for enterprise development. In order to attract and retain core talents, adapt to market development needs, high technology expertise implementing equity incentives are increasing. In this paper, through combing the relevant theoretical literature on equity incentives, the current status of high technology enterprises implementing equity incentives is used as a background, and a comparative analysis of the four-phase equity incentive programs of Hikvision and Infinova is carried out. This article focuses on the analysis of the differences between Hikvision and Infinova equity incentive schemes in terms of incentive model, validity period, incentive objects, incentive quota and performance evaluation conditions. The purpose is to research whether the differences in the design elements of equity incentive schemes will bring obvious differences Incentive effect. Analyze the implementation effect of equity incentive through the performance of Hikvision and Infinova in financial and non-financial indicators. We find that Hikvision performs better in financial indicators and non-financial indicators, and equity incentives have significant. On the contrary, the performance of Infinova is not performing well, the III implementation of equity incentives is weak, and from the perspective of the nature of the company and the design of equity incentive scheme to analyse the reasons for the differences in the implementation effect of equity incentive, so it is concluded that the differences in the design elements of high technology enterprise equity incentive schemes will bring significantly different incentive effects, further verifying the opening assumptions. Finally, bring some enlightenment in terms of the design of the equity incentive plan elements, hoping to provide some reference for future high technology expertise. KEY WORDS：Equity incentive；High technology expertise；Effect IV 目 录 摘要 ................................................................... I ABSTRACT ............................................................... II 第一章 绪论 ............................................................. 1 1.1 研究背景及意义 ........................................................ 1 1.1.1研究背景 ............................................................ 1 1.1.2研究意义 ............................................................ 1 1.2 文献综述 .............................................................. 2 1.2.1国外文献综述 ........................................................ 2 1.2.2国内文献综述 ........................................................ 3 1.2.3文献评述 ............................................................ 5 1.3 研究内容及框架 ........................................................ 6 1.3.1研究内容 ............................................................ 6 1.3.2研究框架 ............................................................ 6 1.4 研究方法与创新之处 .................................................... 7 1.4.1研究方法 ............................................................ 7 1.4.2创新之处 ............................................................ 8 第二章 股权激励相关概念及理论基础 ....................................... 9 2.1 股权激励概述 .......................................................... 9 2.1.1股权激励概念 ........................................................ 9 2.1.2股权激励类型 ........................................................ 9 2.1.3股权激励方案要素 ................................................... 10 2.1.4股权激励作用原理 ................................................... 11 2.2 相关理论 ............................................................. 12 2.2.1委托代理理论 ....................................................... 12 2.2.2人力资本理论 ....................................................... 12 2.2.3双因素理论 ......................................................... 12 第三章 高新技术企业股权激励现状 ........................................ 14 V 3.1 高新技术企业股权激励概况 ............................................. 14 3.1.1股权激励的公告方案统计 ............................................. 14 3.1.2股权激励的公司性质分析 ............................................. 15 3.1.3股权激励的实施进度情况 ............................................. 16 3.2 高新技术企业股权激励方案分析 ......................................... 16 3.2.1股权激励模式分析 ................................................... 16 3.2.2股权激励有效期分析 ................................................. 17 3.2.3股权激励总额度分析 ................................................. 18 第四章 案例公司概况及其股权激励方案对比分析 ............................ 20 4.1 海康威视和英飞拓公司简介 ............................................. 20 4.1.1海康威视的基本情况 ................................................. 20 4.1.2英飞拓的基本情况 ................................................... 21 4.2 海康威视和英飞拓股权激励方案对比分析 ................................. 23 4.2.1股权激励模式对比 ................................................... 23 4.2.2股权激励有效期对比 ................................................. 24 4.2.3股权激励对象对比 ................................................... 24 4.2.4股权激励额度对比 ................................................... 26 4.2.5业绩考核条件对比 ................................................... 27 第五章 案例公司股权激励实施效果分析 .................................... 29 5.1 海康威视和英飞拓的财务指标分析 ....................................... 29 5.1.1激励前后的财务指标对比分析 ......................................... 29 5.1.2经济增加值对比分析 ................................................. 40 5.2 海康威视和英飞拓的非财务指标分析 ..................................... 42 5.2.1研发创新能力对比分析 ............................................... 42 5.2.2员工激励效果对比分析 ............................................... 45 5.2.3市场竞争力对比分析 ................................................. 49 5.3 股权激励实施效