Impact Of Equity Incentive On Independent Innovation Of High-tech Enterprises

With the continuous development of enterprise modernization system,the ownership and management rights of enterprises are gradually separated.With the gradual improvement of the split share structure reform in China,the separation of the two rights has become the basic characteristics of modern enterprises.However,in this system of relations,a lot of problems have also been derived.In the principal-agent relationship,because of the pursuit for interests of the enterprise owners and managers are not consistent,leading to information asymmetry,the lack of communication and trust between the two sides,it is not conducive to the improvement of enterprise performance and long-term development.Under this circumstance,the stock right incentive system has come into being.Management through their own efforts to get their own extra income,but also to promote the performance of enterprises to improve,enhance the stock price of enterprises,to ensure long-term development of enterprises.China's equity incentive plan is later than western countries development,but with the development of China's capital market increasingly mature,China's relevant laws and regulations gradually perfect,many enterprises have begun to implement the equity incentive plan.The development of equity incentive in China is relatively prosperous.For the high-tech enterprises with the core of scientific and technological innovation,the implementation of equity incentive is conducive to improve the enthusiasm of enterprise management personnel and technical personnel,and promote the improvement of enterprise performance.The current domestic research is mainly aimed at the impact of equity incentive on enterprise performance,but there is not much research on the impact of equity incentive on independent innovation,especially in the field of high-tech enterprises.But with the development of China's high-tech enterprises in large scale,our country attaches great importance to independent innovation continues to increase,in the high-tech enterprises listed companies,the impact of equity incentive plan for independent innovation of enterprises;for the high-tech enterprises of different controllers,equity incentive effect on independent innovation of difference,conduct research on these issues high-tech enterprises to help improve their own system,contribute to the core competitiveness of enterprises and promote sustainable development.In this paper,Chinese high-tech companies from 2006 to 2015 are listed as research samples,based on the Logit model,using propensity score matching(PSM)to match the sample method,studied the China high-tech listed company's equity incentive effect on independent innovation.The study found that the high-tech listed companies in the implementation of equity incentive of independent innovation of enterprises has a role;compared with state-owned enterprises,equity incentive implementation of non state-owned enterprises for independent innovation of enterprises to promote the effect is more obvious.This paper also chose IFLYTEK only high-tech high-tech enterprises to carry out case analysis.Incentive content from IFLYTEK equity relationship,and independent innovation,and the innovation ability of the enterprise into the analysis of the enterprise changes in the implementation of equity incentive in enterprise innovation input and output.The study found that IFLYTEK in the implementation of equity incentive,the agency problem between managers and employees were solved and improve the enthusiasm of R&D personnel,so as to promote the enterprise's R&D output,improve the capability of independent innovation of enterprises.