An Empirical Study On The Impact Of Private High-Tech Listed Companies’ Stock Option Incentives On Innovation Performance

In recent years,the value created by high-tech industries has been steadily rising.Technological innovation is the driving force for the sustainable development of high-tech enterprises and incentives for technological innovation are the source of technological innovation activities.In order to improve the incentive utility of private high-tech enterprise stock options,this paper takes 93 private high-tech listed companies from 2012 to 2016 as the research samples,and takes the number of R&D patents and sales revenue of new products as the main indicators to measure the innovation performance of enterprises.Make incentive expiration date and whether there is an independent remuneration committee as the adjustment variables,we explore the impact of stock option incentive on the innovation performance of enterprises from executives and core technicians stock option incentive two dimensions.Based on the definition of the related concepts,principal-agent theory,human capital theory,motivation theory and profit sharing theory and related literatures,this paper puts forward research hypotheses and constructs a theoretical model through comprehensive analysis.We collect relevant data and information from CSMAR,annual reports of listed companies,CCER financial databases,listing announcements,etc,then use Eveiws8.0 statistical software for sample’s descriptive statistical analysis and model testing.Finally,based on the research,we put forward some suggestions for improving and optimizing the equity incentive of high-tech enterprises,hoping to help to improve the innovation performance of high-tech enterprises.The empirical results show that:(1)The stock options incentives of executives and core technical staff can have a positive impact on the innovation performance of enterprises,the incentive effect on executives is stronger than the incentive effect on core technicians.(2)Innovation investment acts as a mediating variable between executive incentive and innovation performance,in which the impact of R&D funds on innovation performance is greater than that of R&D personnel on innovation performance.(3)The independent remuneration committee plays a positive role in regulating the relationship between stock option incentive and firm innovation performance in high-tech enterprises.(4)The regulatory effect of the incentive validity period on the relationship between stock option incentive and firm innovation is inverted U-shaped,and the strongest incentive period is five years.