Research On The Impact Of Equity Incentives For High-Tech Enterprises On Technological Innovation

In the context of economic globalization,China and other countries have established a transnational division of labour system that is interdependent and mutually cooperative.China's low status in international division of labor,with weak innovation capacity and restricted core technology,which affects the future development of enterprises.In view of the backwardness of Chinese enterprises in terms of cutting-edge technology,the Chinese government has proposed a "double cycle" economic development strategy in 2020,which will promote the research and development of core technologies through various means.In general,China's current economic policy has created favorable external conditions for enterprises' technological innovation,but the final scientific and technological innovation results of enterprises still depend on the internal operation mechanism of R&D and innovation.Existing studies show that the key to enhance the technological innovation capacity of enterprises is the accumulation of talents and the adoption of appropriate incentive and restraint mechanisms.In Western countries,equity incentive has been proven to be an effective means of technological innovation.Of course,there is also a considerable part of enterprises which have limited experience and management ability in implementing the incentive system,resulting in unreasonable design of the incentive scheme and unremarkable incentive effect.On the basis of the existing research results,we adopt the form of case study to study the effect of equity incentive and the design of equity incentive scheme of high-tech enterprises,and investigate the influence of various factors such as the object of equity incentive,incentive mode,incentive duration on technology research and development and technological innovation.First of all,through sorting out the characteristics of Chinese high-tech enterprises,we analyze the necessity of implementing the incentive and point out the inner mechanism of the influence of equity incentive on technological innovation.Secondly,the background and motivation of equity incentive in G is investigated,the scientific validity of equity incentive in G is evaluated,and the impact of equity incentive on technological innovation in G is analyzed by using the research method of longitudinal comparison before and after incentive and horizontal comparison with the same industry.Finally,the experience worth promoting is summarized.It is found that the equity incentive has a positive effect on the technological innovation and performance improvement of G high-tech enterprises;the incentive scheme is more effective in increasing the level of R&D capital investment when senior management is the key incentive target;the incentive scheme is more effective in increasing the level of patent output when core employees are the key incentive target;the reserved stock can increase the attractiveness of the enterprise to talents.Finally,the thesis suggests that when designing the equity incentive program,high-tech enterprises should choose the incentive target according to the innovation mode and innovation situation of the enterprise,set a longer incentive period,and use the assessment indexes such as the proportion of new product sales revenue or the proportion of R&D expenditure growth,in order to give full play to the role of equity incentive.It is hoped that this case study will provide some inspiration and reference for the implementation of equity incentive for high-tech enterprises.