A Study On The Impact Of Heterogeneity Of Equity Incentive Contracts On The Performance Of High-Tech Firms

China is experiencing a great change that has never been seen in a century,and in order to make science and technology self-reliance and self-improvement become the strategic support for national development,we must accelerate the pace of innovation research.From the national level,science and technology innovation capability is the driving force of industrial structure upgrading and transformation development;from the enterprise level,innovation capability is directly related to product market competitiveness,business income and even enterprise future development prospect.The innovative development of the country cannot be separated from the R&D achievements of high-tech enterprises,so enhancing the innovative development of high-tech enterprises is an important factor to maintain the high-quality development of China’s economy.And equity incentive,as an effective incentive mechanism,can effectively improve the innovation output and enhance the performance of high-tech enterprises.Given the heterogeneity of different contractual elements,how to implement an appropriate equity incentive plan to make the employees of high-tech enterprises adopt behaviors consistent with corporate goals and promote the performance of enterprises has become a realistic problem that needs to be solved by both theoretical and practical circles in recent years.Therefore,this paper discusses the impact of equity incentives on the performance of high-tech enterprises from the perspective of the difference of equity contract elements.Through the analysis of current situation,theoretical research and empirical research,this paper uses multiple regression analysis model to study the data of a sample of high-tech enterprises in China from 2006-2021 from the perspective of equity incentive contracts.It is found that:(1)The implementation of equity incentive in high-tech enterprises can promote the improvement of performance.(2)The promotion effect of equity incentive on enterprise performance is more significant in core business employees;In terms of implementation intensity,there is an inverted U-shaped relationship between equity incentive intensity and firm performance.(3)Compared with restricted stock,the incentive effect of stock option is better;Multiple continuous incentives can improve the performance of enterprises better.(4)Innovation output and employee team stability play an intermediary role in the growth of high-tech enterprises and equity incentive performance.Finally,based on the theoretical and empirical research,this paper puts forward the corresponding conclusions and countermeasures.High-tech enterprises should adopt reasonable equity incentive to make the staff team more stable and increase the output of innovation,so as to promote the improvement of enterprise performance.The government should provide some system and policy support to enterprises and provide supporting services,so as to promote the development of equity incentive of high-tech enterprises in a more efficient and standardized way.