Research On The Influence Of Equity Incentive On Innovation Performance Of High-Tech Enterprises

The report of the 19th National Congress clearly pointed out that China’s economy has entered a new era.Innovation is not only the core strategic task leading the overall development of the country,but also the primary driving force to promote the smooth and rapid development and competitiveness of enterprises.Under the influence of the modern company system,the principal-agent problem also appears.In order to maximize their own interests,the business entities are usually reluctant to focus on those innovative projects with high risks and returns and long-term characteristics.In addition,the loss of core personnel and the weakening of work enthusiasm and initiative will restrict the smooth and orderly development of innovation activities to a certain extent,which will directly affect the further improvement of enterprise innovation ability in the long run.The emergence of equity incentive can effectively alleviate the agency conflict.However,how to develop a more complete and scientific incentive scheme to fully mobilize the innovation enthusiasm of executives and technical workers is worthy of attention.This paper first combines the relevant theories and literature,and then takes the third phase equity incentive scheme of Shenzhen Inovance Technology Co.,Ltd.,the leader of industrial control automation industry,as the analysis object.Through the construction of innovation performance evaluation system,the paper comprehensively evaluates the innovation process performance and innovation output performance before and after the implementation of equity incentive scheme,and finally comes to the conclusion:For high-tech enterprises,the equity incentive scheme will have a certain positive impact on the innovation performance of the enterprises.At the same time,compared with stock option,restricted stock has the most obvious and profound impact on the innovation performance of enterprises.In addition,through the specific analysis,the paper points out the shortcomings of the equity incentive scheme design of Shenzhen Inovance Technology Co.,Ltd.in each period,and clearly puts forward that the implementation of equity incentive scheme in high-tech enterprises should set reasonable performance indicators and exercise standards,select equity incentive measures more in line with their own reality,and improve more systematic and coherent incentive mechanism.The conclusion of this paper can provide some reference for improving the innovation performance of equity incentive scheme and optimizing the design of equity incentive scheme in high-tech enterprises.