Research On The Relationship Between Equity Incentives, Innovation Investment And State-owned Enterprise Performance

State-owned enterprises are an important pillar of my country's national economy.Under the new economic normal,private enterprises are booming,and state-owned enterprises are facing unprecedented pressure and challenges.How to bring new vitality to state-owned enterprises has always been an important issue in my country's economic development.At present,the reform of state-owned enterprises has become a hot topic.In the reform of state-owned enterprises,equity incentives and innovation investment have become an important area.Through the establishment of an equity incentive system,innovation investment has been increased to improve corporate performance.Based on this,this article explores the relationship between equity incentives,innovation input and state-owned enterprise performance,hoping to clarify the relationship between the three,and provide relevant reference for the reform of state-owned enterprises in my country.This article first reads domestic and foreign literature extensively,and then qualitatively analyzes the relationship between equity incentives,innovation input and corporate performance,and defines related concepts and theories.Then we selected 311 state-owned listed companies that disclosed data on equity incentives and R&D expenditures from 2015 to2019 to conduct empirical analysis to explore the relationship between equity incentives,innovation input and state-owned enterprise performance.The conclusions of the research are:(1)Equity incentives are not significantly related to the financial performance of state-owned enterprises,and they have a positive effect on the market value of state-owned enterprises.(2)Equity incentives play a positive role in promoting innovation investment.(3)Innovation investment has played a part of the intermediary role in the influence of equity incentives on the market value of state-owned enterprises.This paper adopts the empirical + case model,based on the analysis of large sample data of state-owned enterprises,and draws the relationship between equity incentives,innovation input and state-owned enterprise performance,and then conducts a detailed analysis of Fiberhome Communication Technology Co.,Ltd.and its equity incentive plan Interpretation of innovation input,financial performance and market performance,and more intuitively reflect empirical conclusions.Finally,combined with the empirical research to draw the research conclusions of this article,and at the same time put forward corresponding suggestions for the reform of state-owned enterprises' equity incentives and innovation input.