Research On The Influence Of Equity Incentive On Photovoltaic Pnterprise Innovation

In the current economic development,technological innovation has gradually become the internal power of enterprise development.Due to the long cycle,high cost and high risk of innovation investment,management may be reluctant to choose such investment activities based on personal benefits and costs.As a part of compensation incentive in modern enterprises,equity incentive solves the problem of compatibility and constraint of manager incentive to a certain extent,and improves the corporate governance system.By increasing human capital input,the work efficiency and output of core technical employees of enterprises can be improved.Therefore,how to design equity incentive contract becomes an important research topic.Based on the human capital theory and principal-agent theory,this paper analyzes the relationship between equity incentive and innovation performance.This paper selects Ashare manufacturing enterprises in Shanghai and Shenzhen from 2012 to 2021,comprehensively adopts PSM-DID,fixed effect regression model and other empirical research methods to analyze the effect of China’s current equity incentive system on enterprise investment behavior,and respectively tests the influence of equity incentive on innovation under different incentive objects.Then we choose the three equity incentive plans of solar power supply as a representative case to analyze in detail the path and final effect of equity incentive on innovation.The main conclusions of this paper can be summarized as follows: equity incentive is an effective incentive mechanism to promote enterprise innovation,and the improvement of innovation output is realized by the improvement of innovation input.Executive equity incentive can significantly improve innovation input and output,while non-executive equity incentive can significantly improve innovation output.Equity incentive has a significant positive effect on innovation in non-state-owned enterprises.Based on the above conclusions,this paper puts forward the policy suggestions that enterprises should pay attention to the proportion of senior executives’ equity incentive,extend the validity period of equity incentive,and select equity incentive assessment indicators in combination with innovation and industry characteristics.