作　者：毛蕴诗 黄泽楷 郑泳芝
关键词：技术市场； 市场不完全性；股权激励
摘　要：

本文采用双案例对比研究方法，选取中山大学达安基因股份有限公司和武汉华中数控股份有限公司作为研究对象，对案例资料进行编码化处理，深入探讨两个案例企业针对科研人员的动态股权激励演变及其影响动机，并对案例企业的股权激励进行横向和纵向分析。研究发现，企业从初创到成长的过程中，会根据发展需求进行多次的股权结构调整。其中，针对技术人员的股权激励对企业成长和企业绩效都有积极的促进作用。同时，股权激励方案要把握好激励的范围、力度。

The Incomplete Technology Market and Dynamic Equity Incentive for Technical Staff:
A Comparative Case Study of the Daan Gene and Wuhan Huazhong Numerical Control

Mao Yunshi & Huang Zekai & Zheng Yongzhi （Sun Yat-sen University）

Abstract:This paper adopts the research method of case comparison,with Daan Gene Co.Ltd of Sun Yat-sen University and Wuhan Huazhong Numerical Control Co.Ltd as the research objects,processes the materials in numeralization,explores the evolution of the dynamic equity incentive for researchers in the two firms and its influence,and conducts horizontal and longitudinal analysis of the equity incentive of the enterprises.The study shows that from a start-up to the growth stage,companies will conduct multiple equity structure adjustment based on their development needs.Specifically,the equity incentive for technical staff has a positive role in promoting the enterprise growth and corporate performance.The equity incentive program need to master the scope and intensity of incentives.

Key words:technology market; market imperfection; the equity incentive

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