Influence And Results Of Investment Property Right Incentives On Technology Innovation Investment In Our Country’s Integrated Circit Industry

In recent years,Chinese government has provided a lot of policy support to the IC industry in order to gain an advantage in the key battlefield of the technology war.However,after several years of development,there is still a big gap between the achievements of my country’s integrated circuit industry and the international ones:it is still difficult for enterprises to achieve technological breakthroughs only by external subsidies.Therefore,starting from the inside of the enterprise and implementing property rights incentives for human capital owners represented by executives,so as to improve the effect of technological innovation investment,may be a shortcut for integrated circuit enterprises to get rid of the current predicament.Existing research on executive property rights incentives to promote corporate technological innovation mainly focuses on exploring the best incentive scheme design,ignoring the inherent logic of property rights itself.The concept of technological innovation studied in the literature is also too general,and rarely takes into account the investment decisions that executives need to consider at different stages of technological innovation.Based on the theories of human capital,property rights,control rights and technological innovation,this paper sorts out the literature related to executives’property rights incentives,management control rights and technological innovation investment.On the basis of theory and literature,this paper combines the characteristics of human capital and the characteristics of the integrated circuit industry to analyze the essence of executive property incentives,namely management control,and further analyzes the role of management control in technological innovation investment.In the case part,this paper sorts out the relationship between Jingfang Keji’s executives’ property rights incentives and technological innovation investment.It divides the technological innovation process into technology design stage,technology development stage and technology application stage,and analyzes the influence path of executive property right incentives on enterprise technology innovation investment.Finally,the indicators to measure the investment effect of different stages are sorted out,and the horizontal and vertical comparisons are made.The research results show that from the perspective of human capital characteristics and integrated circuit industry characteristics,executive property rights incentives can stimulate executives’ motivation and value more than executive short-term compensation incentives.The inherent logic of property rights incentives is to give executives certain management control rights.This control right has both intrinsic value and tool value.It can help corporate executives to increase their investment willingness and maintain their investment by broadening financing channels and reducing innovation risks.It can help the management Invest in vitality and pay attention to the process of technological innovation,so as to make the best investment decisions:clarify the appropriate innovation positioning in the technology design stage,select the appropriate innovation methods in the technology development stage,and optimize the innovation output in the technology application stage.In short,if Chinese integrated circuit companies want to achieve technological breakthroughs and get rid of innovation difficulties,they can provide appropriate property rights incentives to senior executives from the inside and give them management control,so as to improve the effect of technological innovation investment.It is hoped that these findings can be useful to the integrated circuit enterprises with weak willingness to invest in technological innovation.