摘要
摘要
随着我国股权激励制度的不断完善和有关理论的不断创新，对我国上市公司
在进行股权激励制度改革方面的探索有一定的积极意义。股权激励解决了委托-
代理问题，减少了技术骨干的流失，引进了高素质的人才，实现了公司长期、稳
健的发展战略，提高了公司在国际上的竞争力。在国家创新发展战略、中美经贸
战争和全球范围内的全球性流行病的大环境下，以科技创新为核心的高科技公司
在市场经济中发挥着重要作用，在发展中扮演的角色日益突出。本文通过对集成
电路行业领先者汇顶科技的运营情况进行了详细的论述，对公司的实际情况及实
施方案的具体内容进行了详细的介绍。
本文从理论上梳理了有关的文献，并以汇顶科技为个案，从其方案的实施角
度进行了分析。根据汇顶科技自2017年至2020年的限制性股票激励计划的具体
内容，假设外在环境影响不存在，分析了公司限制性股票对公司绩效的影响。本
篇文章使用事件研究法分析了汇顶科技限制性股票激励的短期市场效果，并从财
务能力上对汇顶科技实施股权激励的财务效果进行评价，和从员工流动率、研发
成果等非财务效果进行评价。结合企业的行业特点，有针对性的对激励计划进行
分析，找出其方案制定的可借鉴之处和需要改进的地方。
对汇顶科技四次限制性股票激励的分析，汇顶科技在实施限制性股票激励方
案后，对总体业绩成果的提升以及在稳定发展和吸引高素质人才上都有正面的影
响，从文中部分业绩指标来说，限制性股票激励的发布给汇顶科技带来了财务指
标的增长量，但是只在激励实施的初期有一些积极的正向作用，存在激励效果短
暂结果不够理想的问题。针对汇顶科技限制性股票激励方案的后续对策方面主要
有，在方案设计上要丰富考核指标，授予价格应具有激励效果，建立长效考核目
标。引申到整体行业，要完善方案要素，使方案内容多元化，引入行业均值做参
数。
综上所述，本文将汇顶科技作为案例，有助于对以科技创新为核心的高科技
公司实施限制性股票激励方案时，更好地设置激励内容、有效的提高效益提供参
考与借鉴。
关键词：汇顶科技；限制性股票；激励效果
I

Abstract
Abstract
With the continuous improvement of China's equity incentive system and the
continuous innovation of relevant theories, it has certain positive significance for the
exploration of China's listed companies in the reform of equity incentive system.
Equity incentive solves the principal-agent problem, reduces the loss of technical
backbone, introduces high-quality talents, realizes the company's long-term and
steady development strategy, and improves the company's
international
competitiveness. In the context of national innovation development strategy, sino-US
economic and trade war and global epidemic, high-tech companies with scientific and
technological innovation as the core are playing an important role in market economy
and playing an increasingly prominent role in development. This paper discusses in
detail the operation of Goodix Technology co., LTD., the leader in the IC industry,
and introduces in detail the actual situation of the company and the specific content of
the implementation plan.
This paper theoretically combs the relevant literature, and takes Goodix
Technology as an example to analyze the implementation of its scheme. According to
the specific content of the restricted stock incentive plan of Goodix Technology from
2017 to 2020, the influence of restricted stock on corporate performance is analyzed,
assuming that the external environmental impact does not exist. This article uses the
event study method to analyze the short-term market effect of restricted stock
incentive of Goodix Technology, and evaluates the financial effect of equity incentive
of Goodix Technology from the perspective of financial ability, and evaluates the
non-financial effect of employee turnover, r&d results and so on. Combined with the
industry characteristics of enterprises, targeted analysis of the incentive plan, find out
its plan can be used for reference and need to improve the place.
Top four times of science and technology to remit the analysis of the restricted
stock incentive, remit the top science and technology after the implementation of
restricted stock incentive schemes, and to the promotion of overall performance
results in stable development and attract high-quality talent has positive influence on,
from the part of the performance indicators, the restricted stock incentive release to
send top science and technology has brought the financial indicators of the growth,
However, there are some positive effects only in the initial stage of incentive
II

Abstract
implementation, and there is the problem that the temporary effect of incentive is not
ideal. The follow-up measures for the incentive plan of restricted stock of Goodix
Technology mainly include: enriching the evaluation indexes in the program design,
granting price should have incentive effect, and establishing long-term evaluation
goals. To extend to the whole industry, it is necessary to improve the program
elements, diversify the program content, and introduce the industry average as a
parameter.
To sum up, this paper takes Goodix Technology as a case, which is helpful for
high-tech companies with scientific and technological innovation to better set
incentive content and effectively improve benefits when implementing restricted
stock incentive programs.
Keywords:Goodix Technology；Restricted Stock；Implementation Effect
III
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