A Study On The Effect Of Core Employee Equity Incentives On Corporate R&D Efficiency

Innovation is an important driving force to promote the sustainable and healthy development of the national economy and enhance China’s international competitiveness.At present,China is in a critical period of adjusting economic structure and promoting industrial upgrading,innovation must be put in a key position.Enterprises are the main body of innovation,and how to stimulate their innovative vitality has become a top priority.The fundamental driving force of enterprise innovation comes from talents,and encouraging them to work hard,improve efficiency and form the core competitiveness of enterprises is an important issue facing enterprises.To promote enterprise technology innovation and improve R&D efficiency,we must rely on core employees.How to effectively motivate core employees and improve their motivation and creativity.Equity incentive is a long-term incentive mechanism that can effectively alleviate the principal-agent problem between shareholders and core employees,senior management and core employees,make core employees enjoy the value they create,enhance their loyalty to the enterprise,and effectively improve the R&D efficiency of the enterprise.This paper firstly reviews the related researches on core employees’ equity incentive and enterprise R&D efficiency,combines the existing research results,explains the relationship between core employees’ equity incentive and R&D efficiency,and the factors that may affect the relationship between them,and puts forward the relevant hypotheses.On this basis,principal-agent theory,human capital theory,sharing economy theory,optimal contract theory and enterprise life cycle theory are applied to analyze the relationship between core employees,human capital and enterprise R&D efficiency,and the corresponding hypotheses are proposed accordingly.Finally,the A-share listed high-tech enterprises that implemented core employees’ equity incentives from 2015-2020 are used as the research objects,and the CNRDS,Wind and CSMAR databases are used to collect and organize the data,construct the enterprise R&D efficiency indicators,and use Stata16 to analyze the organized data to test the relationship between core employees’ equity incentives and enterprise R&D efficiency,as well as the role of human capital and name The role played in it,and the endogeneity and robustness were tested.It is found that: the implementation of equity incentives for core employees can significantly improve the R&D efficiency of enterprises;the influence of core employee equity incentives on the R&D efficiency of enterprises is partly realized through human capital;the nature of property rights can positively regulate the promotion effect of core employee equity incentives on R&D efficiency;the use of stock option incentive method,long validity period,and core employee equity incentives in the growth and maturity stages of enterprises have more significant effects on R&D The effect of using stock option incentive,long validity period,growth period and maturity period on R&D efficiency is more significant.Finally,the empirical results are combined with the corresponding suggestions to provide reference for the core employee equity incentives of enterprises.Based on the above results,the following suggestions are made: 1.continue to increase the intensity of equity incentives for core employees;2.design equity incentive programs scientifically and reasonably;3.pay attention to the influence of the property rights of enterprises on the incentive effect;...