Research On The Effect Of Equity Incentive Of Listed High-Tech Enterprise On The Innovation Performance

The report of the 19 th CPC National Congress proposed that innovation is the primary driving force for development,and it is a strategic support for the construction of a modern economic system.Innovation has a significant importance for both companies and countries.High-tech enterprises have more advanced and innovative capabilities that can represent the overall innovation and development capabilities and level of our country to some extent.People are the main body of innovation activities,and innovation activities are often initiated by managers and implemented by scientific researchers.Because the innovation process takes a long time,high input costs and high risk of failure,coupled with management shortsightedness and consideration for their own career development,may be more willing to engage in risk aversion activities,and the scientific personnel who implement the innovation activities may also be due to lack of incentives and It is difficult to fully mobilize their enthusiasm in innovation activities because of free riders in teamwork.Therefore,how to incentivize human capital becomes a problem that is particularly worthy of attention when high-tech companies improve their innovation performance.This article first introduces the research background,research purpose,research ideas and innovations of the research.Then it reviews the existing literature on domestic stock incentives and corporate innovation performance and reviews them.Combining the theory of human capital,residual claim theory,principal-agent theory and internal incubation theory,it is studied whether the implementation of equity incentives by enterprises can result in an increase in innovation performance.At the same time,the effect of equity incentives on innovation will exist difference when the characteristics of equity incentive plans are different.At the same time,in further research,it is explored whether the promotion effect of equity incentives on innovation performance comes from the increase in R&D investment or R&D efficiency,and whether there are significant differences in the promotion effect of equity incentives on corporate innovation under different property rights.This article will use listed high-tech companies that have implemented equity incentives during the period of 2006-2013 as research samples to analyze whether the implementation of equity incentives will affect the innovation performance of the company.In the process of research,this article uses the number of patent applications per year as a measure of the company's innovation performance.It also uses propensity score matching to resolve possible self-selection problems in the sample of equity incentives,so that the matching companies have the same Probability to implement equity incentives.On this basis,the double difference method was used to compare the changes in the innovation performance of the company before and after the implementation of equity incentives for the employees in the treatment group and the control group.The empirical results show that the implementation of equity incentives can indeed significantly improve the company's innovation performance;the effect of equity incentives on the performance of the company's innovation performance is more pronounced when the granting method is stock options;equity incentives bring about the improvement of innovation performance in equity incentives.When the validity period is relatively long,it is more significant;when the exercise conditions are relatively relaxed,the incentive effect of equity incentive on innovation performance is more significant;the improvement in innovation performance brought about by employee equity incentives does not come from the increase in R&D investment,but From the improvement of innovation efficiency.At the same time,in non-state-owned property enterprises,equity incentives have a more significant role in promoting innovation performance.Finally,at the end of the paper,we summarize the whole theory and empirical analysis,and propose some countermeasures.At the same time,we also explain the deficiencies in this study and make some prospects for future.