Study On The Mechanism Of Equity Incentive Of Core Technology Employees In High Technology Manufacturing Industry On The Quality Of Corporate Innovation

High-tech enterprises are the driving force of innovation and the main body of independent innovation in China,while manufacturing industry as the leading industry of China’s national economy and an important area of supply-side structural reform,the independent innovation of high-tech manufacturing enterprises will drive the development of enterprises and then drive China’s economy to achieve high-quality development and enhance the overall level of domestic technological progress.Compared with physical capital,human capital plays a greater role in the innovation development of high-tech enterprises.It is especially important for high-tech enterprises to attract,retain and motivate high-quality talents and achieve the optimal allocation of resources.As a long-term incentive mechanism to motivate employees,equity incentive is an important means to promote enterprise innovation.At present,the research on the influence of executive equity incentive on corporate innovation is more mature,but the research on the influence of core technology employees’ equity incentive on corporate innovation is not deep enough.Therefore,it is of great practical significance to explore the important role of core technology employees in enterprise innovation activities and the influence mechanism before the equity incentive of core technology employees and enterprise innovation.This paper takes core technology employees,the important human resources who master expertise and technology in enterprises,as the main research subject.Firstly,based on the four concepts of high-tech enterprise,core technology employees,equity incentive and innovation quality and three related theories of principal-agent theory,human capital theory and incentive theory,the mechanism of the effect of equity incentive of core technology employees on enterprise innovation is analyzed and the basic hypothesis of the effect of equity incentive of core technology employees on enterprise innovation quality and the mechanism of the effect is proposed;secondly,the unbalanced panel data of A-share listed companies in high-tech manufacturing industry from 2013-2020 are screened from the data tables of equity incentive plan table,financial table and patent citation table of CSMAR and CNRDS database for the current situation analysis,and the OLS,fixed effects model.Finally,the results of this paper show that the implementation of equity incentives for core technology employees in high-tech manufacturing listed companies can promote the accumulation of human capital and significantly improve the quality of corporate innovation,and the quality of innovation increases with the increase of equity incentive intensity,and can improve the quality of corporate innovation by Based on the results of the empirical study,we propose some feasible policy suggestions and analyze the shortcomings and prospects of the study,taking into account the problems of core technology employees,equity incentives and innovation quality in the reality.The research of this paper helps to supplement theoretically the influencing factors of enterprise innovation,and also provides feasible suggestions for the development of equity incentive programs of high-tech manufacturing enterprises.