Research On Stock Incentives' Influence On R&D Expenditures Of Listed Company

In nineties of twenty century, the American sustaining strong economy mostly relies on the abilities of technology innovation. Nowadays, we even treat the innovation ability as a core competence of a country. The level of this ability is a key data to measure the country's potential. In most developed country, a series of innovation activities is the vital guarantee to the enterprise's survive and development. As to high-tech firms, technology innovation is the basic way to increase profit and enlarge its market quota. And high-tech firms pay much attention to R&D because that it's the fundamental source of technology innovation. However, most research suggests that R&D in these firms have not considered the private cost problem of its management personnel, and also not the intrinsic problem of principal-agent relationship. So it is necessary to set up a motivate mechanism to encourage management's R&D activities. Therefore, it is a new urgent project to make clear of these questions.To the high-technology firms which with high human capital, it's effective stimulation to the key staffs is always payed close attention by people who work at theory or practice research. In recently years, the gradually application of stock incentives have payed it's initial role in our enterprise. However, it's pity that in many practical applications, due to the lack of systematic thinking and design, stock incentives becomes invalid and the effect is not satisfactory.Based on the relevant research home and abroad, combined with qualitative analysis and quantitative analysis altogether with normative analysis and empirical analysis approaches, and account of the Trust-Proxy theory, Incentive theory and Human Capital Property Rights theory, this thesis is to seek the effective ways on the utilization of stock rights incentives in Chinese high-tech enterprises by studying, which can adapt to these enterprises'characteristic and satisfy their staffs'needs, in order to increase the firm's R&D expenditures.