An Empirical Research On Corporate Performance Made By Equity Incentives Of High-technology Companies

The arrival of the knowledge-based economy era, countries promote independent innovation ability vigorously, the traditional industry of the dominant position was gradually replaced by high-tech industries. Knowledgeable employees is the foundation of the booming high-tech company. It is a top priority to retain talent and inspire their potential, to provide high-tech companies the momentum of continuous development. Equity incentive as a kind of long-term incentive mechanism becomes an effective way to solve this kind of entrust-agent contradiction, which is conducive to the consistency of interests of owner and operator, and can promote the realization of human capital property right. It can improve the company operating performance and the core competitiveness, and promote the company long-term development. So selecting an empirical study on corporate performance made by equity incentive of high-tech companies has important theoretical and practical significance.The research object of the paper is based on high-tech companies. After showing the domestic and foreign research results, this paper introduces the entrust-agent theory, human capital theory and incentive theory, analyzes the feature of high- tech company of high investment, innovation, value and so on. This paper analysises the status quo by selecting 2010-2013 equity incentive data of high- tech listed company, and makes a empirical research by using principal component analysis, independent sample T-test and multiple linear regression analysis.The conclusions are as follows: high-tech company equity incentive makes a positive correlation to the performance; the company’s growth was not significant effects on the performance of the company; the higher the level of risk, the higher the r&d ratio, the more significant effect on the performance of the company, and there was a positive correlation between them. Finally, based on the theoretical analysis and empirical results, appropriate recommendations are made in macro and micro level for the deficiencies of high-tech equity incentives.