Market Level,the Stock Option And Enterprise Innovation

Innovation resources are a kind of scarce resources and the continuous innovation investment will not necessarily change into the innovation output.Therefore,the effort to improve the conversion rate of enterprise's R&D investment is an important part of enterprises to improve the efficiency of innovation.Management is the enterprise's operator and the actual executor of enterprise's innovation strategy,so how to stimulate the innovation power of management is an important problem that modern enterprises need to solve.Different incentives for management will affect the vital interests of management and then influence the effectiveness of corporate governance.Finally,it would affect the enterprise's innovation output.The design of a reasonable equity incentive can connect the interests of management with the long-term interests of enterprises together to make these two goals tend to be consistent.In this way,it can reduce the agency costs arising from the separation of ownership and management rights.In addition,it can restrict the laziness of management and management's actions to damage the interests of the owner.Then,it can encourage management to improve the ability of enterprise's innovation.This paper chooses the topic about the influence of stock option on innovation output in China's listed companies.Based on a large number of literature studies at home and abroad,this paper puts forward the hypothesis and constructs the model according to theoretical analysis.It selects the listed companies of A shares in Shanghai and Shenzhen and takes2008-2014 as research interval.After a series of elimination,this paper chooses 243 sample data to study.This paper explores the different effects of stock option on innovation output in state-owned enterprises and private enterprises.It also studies how the stock option has different incentive effect on the enterprise innovation output under different market level.Then the paper explores how the incentive effect of stock option on innovation output will change under the influence of the property rights' nature and marketization level.There are many studies on the effects that give equity to management.However,there are few studies on specific incentive schemes.What can not be ignored is that different incentive schemes correspond to different contractual relationships.This will cause a very different incentive effect.Therefore,this paper focuses on the study of the most commonlyused incentive scheme--incentive effect of option incentive on innovation output.In the course of the study,in order to make the study more accurate,this paper distinguishes the nature of the property to conduct grouping study.The results show that the positive effect of stock option on enterprise innovation output is more significant in private enterprises compared with the state-owned enterprises.In addition,the implementation of enterprise innovation and stock option will be affected by the market index.Then,whether the effect of stock option on corporate innovation would be affected by the different level of market or not?The further study finds that there is a stronger promoting effect for stock option on enterprise innovation output among higher marketization level compared with lower marketization level enterprise.Finally,whether the adjustment effect of the market level would be affected by the nature of property rights? Research results show that there is a stronger influence of stock option on innovation output if the private enterprise has a higher marketization level compared with state-owned enterprises.This paper has an empirical test of the relationship between stock option and enterprise innovation output through the exploration of how to improve enterprise's innovation output.It hopes to promote the construction of governance system and governance capacity in China's listed companies.At the same time,talent is an important factor affecting the power of innovation.This paper explores how to maximize the potential of talents that hopes to provide some theoretical basis and empirical basis for the improvement of enterprise innovation mechanism.