Research On The Impact Of Stock Option Incentives On The Innovation Of Chinese High-tech Enterprises

High-tech enterprises are enterprises with a high proportion of innovation among all enterprises,and have played a pivotal role in the trend of rapid economic development in recent years.At the same time,the innovation-driven new era advocated by our country has also stimulated the enthusiasm of enterprises to carry out innovation.Among them,high-tech enterprises are also represented,which attach the most importance and investment to innovation.However,in comparison,there are still some gaps between my country’s innovation level and developed countries such as the United States and Japan.It can be seen that the company level should increase the intensity and attention of corporate innovation and R&D investment,and the government level should promote the support of policies and economic environment.These two contents are very important for my country’s innovation to catch up with developed countries.As an important management and incentive method to promote corporate innovation in the new era,equity incentives provide a new perspective and open up new ideas for the current vigorous development of innovation.Chinese equity incentive system has only officially started since the split-share reform in 2006.Compared with developed countries in Europe and the United States,it started late.With the continuous development and improvement of the capital market,my country’s equity incentive system equity incentive system is also constantly developing and improving.Based on this,this paper selects the data of high-tech enterprises in China’s A-share market from 2015 to 2020 as the research sample,uses Heckman three-stage regression model,goes deep from the impact of whether the enterprise has equity incentive plan on enterprise innovation to the impact of different equity incentive plans on enterprise innovation performance,focuses on the impact of stock option incentive on enterprise innovation,and verifies the assumptions put forward in this paper one by one.Through the analysis of the results,this paper believes that stock option incentives are a better way of equity incentives,and a single equity incentive method cannot maximize the level of corporate innovation.Therefore,from the perspective of optimizing the design and implementation of the equity incentive plan,this paper will promote enterprise innovation to the greatest extent through better allocation and implementation of the equity incentive plan,maximize the innovation input and innovation output of the enterprise,and further promote the sustainable development of the enterprise.