会计学院知识库

半导体行业因其产品应用范围广泛，不仅与人们的日常生活息息相关，还对保障国家的信息安全及提升综合国力具有重要的战略意义。随着全球半导体行业重心向中国大陆的转移，我国半导体设备作为其中的技术先导环节，市场发展前景广阔，但由于行业长期受美国、日本、荷兰等国外企业的高度垄断，我国半导体设备自给率较低，主要依赖进口，市场供需错配严重。自2018年3月美国政府挑起中美贸易争端以来，不断升级对我国半导体行业的技术封锁和打压，为应对“卡脖子”和“断供”风险，半导体设备的国产替代势在必行。企业能否肩负起实现国产替代和推动行业进步的重任，关键在于如何吸引和留住核心技术人才，通过研发创新提升市场竞争力，而股权激励作为长效激励手段则能有效应对这一难题。因此，本文选取实施过三次股权激励并取得一定成效的半导体设备龙头企业北方华创为研究对象，分析其股权激励实施的动因及效果。

本文在了解北方华创及所处行业概况的基础上，对实施的三次股权激励计划方案进行对比总结，发现存在一定共性，即十分注重研发创新，并且激励重心均在核心人才上。通过对内外部实施环境分析发现，这与其实施动因存在一定的契合，主要存在以下几点：政策拉动与市场需求、完善法人结构、稳定人才结构、打造利益共同体、提高核心竞争力。为全面客观探究三次股权激励实施带来的效果，本文分别从外部资本市场、内部财务指标及非财务指标三方面变化情况进行分析，得出结论：前两次股权激励的实施均获得了市场的认可，第三次由于行权价格的打折被市场投资者认为是利空消息而导致股价下跌；在财务指标方面，除了偿债能力因业务规模扩张导致下降外，其余财务能力均得到有效提升；非财务指标方面，无论是稳定人员结构还是提升创新水平及缓解代理矛盾，均取得了不错的效果。最后也得出了本文的启示，即股权激励的实施应根据企业自身情况设定合理的行权条件及价格、选择适配的激励模式，此外，在公司经营发展过程中还应当注重对负债比例的控制。

The semiconductor industry, due to its wide range of product applications, is not only closely related to people's daily lives, but also has important strategic significance in ensuring national information security and enhancing comprehensive national strength. With the shift of the focus of the global semiconductor industry to the Chinese Mainland, China's semiconductor equipment, as one of the technology leading links, has a broad market development prospect. However, because the industry has long been highly monopolized by the United States, Japan, the Netherlands and other foreign enterprises, China's semiconductor equipment self-sufficiency rate is low, mainly relying on imports, and the market supply and demand mismatch is serious. Since the US government provoked a trade dispute between China and the US in March 2018, it has continuously escalated its technological blockade and suppression of China's semiconductor industry. In order to cope with the risks of bottlenecks and supply disruptions, domestic substitution of semiconductor equipment is imperative. Whether enterprises can shoulder the responsibility of achieving domestic substitution and promoting industry progress depends on how to attract and retain core technical talents, enhance market competitiveness through research and development innovation, and equity incentives as a long-term incentive method can effectively address this challenge. Therefore, this article selects NAURA, a leading semiconductor equipment enterprise that has implemented three equity incentives and achieved certain results, as the research object to analyze the motives and effects of its equity incentive implementation.

On the basis of understanding the overview of NAURA and its industry, this article compares and summarizes the three equity incentive plans implemented, and finds that there is a certain commonality, that is, the emphasis is on research and development innovation, and the incentive focus is on core talents. Through the analysis of the internal and external implementation environment, it is found that this is in line with its implementation motivation, mainly in the following aspects: policy driving and market demand, improving corporate structure, stabilizing talent structure, building a community of interests, and enhancing core competitiveness. In order to comprehensively and objectively explore the effects of the implementation of three equity incentives, this article analyzes the changes in external capital markets, internal financial indicators, and non-financial indicators. The conclusion is that the implementation of the first two equity incentives has been recognized by the market, while the third time, due to the discount of exercise prices being perceived by market investors as negative news, the stock price has fallen; In terms of financial indicators, except for a decrease in solvency due to business expansion, all other financial capabilities have been effectively improved; In terms of non-financial indicators, good results have been achieved in stabilizing personnel structure, improving innovation level, and alleviating agency conflicts. Finally, the inspiration drawn from this article is that the implementation of equity incentives should set reasonable exercise conditions and prices based on the company's own situation, choose appropriate incentive models, and pay attention to controlling the debt ratio in the company's business development process.