A Research On The Effect Of Equity Incentive On The Research And Development Investment

China is committed to entering the ranks of innovative country.Deepening the reform of the science and technology system,the establishment of a technological innovation system should focus on enterprises.The investment in research and development that is too low in our enterprises seriously restricts the innovation capability of enterprises and the improvement of the overall R&D level in the country.Therefore,laying a rational allocation of resources on technological innovation and improving innovation has become the key to improving corporate governance and fostering core competitiveness.Although domestic scholars have continuously explored ways to improve technological innovation at the macro level,empirical research on the impact of equity incentive on R&D investment at the corporate level remains to be substantiated.In order to explore the impact of equity incentive on R&D investment,this paper chooses the data of 273 listed companies in Shanghai and Shenzhen Stock Exchange from 2011 to 2016 to analyze the impact of different equity incentive models on R&D investment and the influence of equity incentive on R&D investment under different control rights The study found that: From the whole sample,equity incentive to promote research and development investment.Different equity incentive models have different impact on R&D investment.Stock options promote R&D investment.Restricted stocks inhibit R&D investment.Stock Appreciation Rights have no significant impact on R&D investment.The impact of equity incentive on R&D investment under different control rights is different.In manager-controlled companies,the impact of equity incentive R&D investment is not significant.In the co-controlled companies,the impact of equity incentives on R&D investment has a significant and positive impact.In shareholder controlled companies,equity incentives have a significant and positive impact on R&D investment.Finally,this paper puts forward some suggestions on how to design andimplement the equity incentive plan and promote the R&D investment from the corporate level and the government level.