| With the rapid development of modern science and technology,enterprise technology innovation has become more and more important,especially high-tech enterprises,whose development is more inseparable from innovation.Enterprises must continuously improve their innovation ability to maintain their core competitiveness in the market in order to develop for a long time.Therefore,how to improve enterprise innovation is an important issue that most enterprises need to face.However,the proxy problem arising from the "separation of powers" between shareholders and management makes it impossible to align corporate interests with those of employees.Therefore,companies often solve this problem by implementing equity incentives to align the interests of both,promote the innovation motivation of employees,and improve the innovation performance of enterprises.Based on this,this paper selects Huichuan Technology,a high-tech enterprise and a leading enterprise in the industrial control industry,as a case company,to explore the impact of equity incentive implemented by high-tech enterprises on enterprise innovation performance,and analyze its six equity incentive plans.First,it elaborates the literature review and related theories of equity incentive and innovation performance,and analyzes the impact mechanism between the two,based on which to conduct in-depth research.Secondly,it shows the current situation of equity incentive implementation and the implementation effect of high-tech enterprises.Again,the case background is introduced and the motivation of implementation is analyzed,and the six equity incentive programs of Huichuan Technology are divided into three categories according to the different incentive models,and their specific implementation contents are described in detail and the implementation effects are summarized.Then,we analyze the effect of equity incentive from the market response,divide the whole innovation process into three stages: innovation input,innovation output and innovation revenue,establish the enterprise innovation performance assessment index system,and make an in-depth analysis of the impact of implementing equity incentive on enterprise innovation performance.Finally,the research conclusions of the article are summarized,and experience summary is proposed according to the analysis of this case.This paper finds that high-tech enterprises can indeed achieve innovation performance improvement through the implementation of equity incentives,and the different incentive targets will have an impact on the incentive effect of equity incentives.Incentives for executives will make them pay more attention to corporate innovation activities and increase R&D investment,while incentives for R&D staff will promote the enhancement of employees’ innovation motivation,strengthen corporate innovation strength and improve corporate technological innovation.The different incentive modes will have an impact on the incentive effect.Overall,the incentive effect of restricted stock is more obvious than that of stock options,and more enterprises also tend to choose the way of restricted stock.The conclusion and experience summary of this paper,while helping Huichuan Technology to improve the equity incentive program,also hope to provide some experience reference for other industrial control industry and high-tech enterprises to improve their corporate innovation performance in the implementation of equity incentive. |
