Research On Compensation Mechanism For The Incentive Of Independent Innovation Of Technologic Staff In High-new-tech Enterprises

In the knowledge-economic age, human capital commanding knowledge and technology can make more contribution to firms than physical capital thus demanding for sharing firms'residue with physical capital. In our country, the high-new-tech enterprises are the main entities of independent innovation and technologic human capital plays a role in independent innovation as core element. Recently, the high-new-tech enterprises have weak capability of independent innovation and there are also many defects in compensation mechanism. And there must be some link between them. The asymmetric information between technologic staff and supervisor will make the former idle, which is the result of lacking property incentive. However, the researchers home and abroad paid more attention to the compensation incentive on executives of enterprise and spend less time on the compensation incentive on technologic staff. Therefore, it's a worthy subject to research how to improve the compensation mechanism of high-new-tech enterprises in order to get it to make function of incentive thus inspiring the activism of technologic staff and enhancing the power of independent innovation of enterprises. This thesis made study on the subject in three steps and gained some outcomes as follows:First, this thesis showed the problem of weak capability on independent innovation of enterprises; reached the conclusion that system designing is the key factor influencing independent innovation and then introduced into research the compensation mechanism. On the basis of referring to the compensation cases from abroad, the thesis uncovered four main defects in the compensation mechanism of high-new-tech enterprises, which are the blank of market investigation, the lack of elasticity of compensation, the shortage of long-run incentive and the leakage of performance appraisal. This thesis built a model revealing the effect of compensation mechanism on independent innovation in view of the features of high-new-tech enterprises including four effect paths thus paving the way for designing compensation system later.Second, according to property incentive theory and expectancy incentive theory,this thesis set up the model of compensation incentive for technologic staff. Property incentive theory was used to analyze the principal-agent conflict. The condition of profit maximum was solved on the premise of participation constraint and incentive compatibility constraint for technologic staff with the result of the optimum contract of compensation incentive which was able to attain the identification of the aims of firm and technologic staff and reach win-to-win effect. Meanwhile, expectancy theory was used to analyze the incentive course reflecting positive circulation. Respecting to the part of profit dividing, this thesis introduced the index of EVA and measured it with technologic human resource value.Third, this thesis designed the compensation system for incentive of independent innovation in accordance of the defects of the compensation mechanism. The compensation system consists of basis compensation and welfare, performance compensation and long-run incentive compensation. High-new-tech enterprises should supply munificent basic compensation to technologic staff and make sure of the more proportion of performance compensation with a view to add the elasticity of compensation structure. High-tech-new enterprises should set up fair and reasonable performance appraisal system in term of the specialties of R&D position and R&D project. High-new-tech enterprises should select proper types of share ownership incentive for different phases of development, such as choosing share-holding by technology when starting the firm, providing phantom stock before IPO in the earlier stage and carrying out stock option plan after listing in the later stage.