| The introduction of the "Smart Manufacturing" concept has once again increased the sense of urgency for high-tech enterprises to improve their independent innovation capabilities.The ability to innovate relies heavily on the core technical employees of the company,and the ability of the core technical employees to innovate depends on a series of corporate governance measures implemented by the company,one of which is the implementation of equity incentives.Therefore,it is particularly important to study how to design equity incentive schemes to improve innovation.This paper chooses IFLYTEK as the research object,and uses its equity incentive plans implemented in 2011,2015 and 2017 respectively,combined with principal-agent and other relevant theoretical basis,to select effective indicators in the three stages(input,conversion and outcome)of IFLYTEK’s R&D and innovation activities to measure corporate innovation performance,and compare the change in innovation performance level before and after equity incentive in the input and conversion stages longitudinally,and compare its difference with the average level of 49 software and information technology service companies in the outcome stage horizontally,so as to make the analysis results more accurate.The study concludes that all three equity incentive schemes implemented by IFLYTEK have a positive impact on the innovation performance of the company.Stock options are more likely to motivate executives to invest more in R&D,and restricted stock incentives are more likely to promote the R&D motivation of core technical employees.Since R&D and innovation require long-term and substantial capital investment,companies should not neglect the role of executives in innovation and R&D decisions,and the improvement of corporate innovation performance requires the synergy of executives and employees.Therefore,for high-tech enterprises,the equity incentive scheme should be "humanized" for senior management and core technical employees;the performance evaluation criteria of the equity incentive scheme should be set reasonably and effectively,so that the equity incentive mechanism can effectively promote sustainable operation of the company. |
