Empirical Study On Equity Incentive Effects And Influencing Factors Of High-tech Listed Companies

With the advent of knowledge economy ear, high-tech industries are replacing the advantages of traditional industries gradually, and become an important force in driving economic development and social progress. As the salient feature of knowledge-intensive, effective incentive of human capital in high-tech industry has always received widely attention from all social sectors. As a long-term incentive mechanism, the introduction of equity incentive in our country provides a new way of thinking undoubtedly. However, in recent years, continuous occurrences of accounting scandals abroad made the effectiveness of equity incentive under dispute; the2008financial crisis is a severe test of it. Facing the imperfect of system environment and corporate governance structure, whether equity incentive in domestic high-tech companies acted effectively; whether there exists theoretical long-term effects; what are the factors that will affect it, etc. All of these empirical findings have significant reference value on improving the incentive mechanism of high-tech industry itself, and providing learning and experience support to other industries’ equity incentive.Having combed and expounded research achievements and related theories at home and abroad, this paper summarized and analyzed the actual situation and existing problems of high-tech listed companies’equity incentive plan. On this basis, using financial indexes analysis, according to the objects’ financial indexes of profit ability, operation ability, solvency, developing ability and cash flow ability, the paper built a comprehensive evaluation system of domestic high-tech listed companies; taking this evaluation system as data sources and descriptive statistics as foundation, the paper chose many statistical methods such as the factor analysis method, multiple linear regression method, independent sample T-test. Using these methods, the author proposed research hypotheses from the correlation between equity incentive and company performance, influencing factors of equity incentive effects, whether equity incentive has obvious long-term value effect or not three aspects, and made an empirical research on the equity incentive effects. The conclusions are as follows: (1)Equity incentive helps promote high-tech listed companies’ performance, and this effect is more obvious in the long term;(2)There are no significant differences between different forms of ownership high-tech listed companies in equity incentive effects;(3)Equity incentive has certain interval ratio effects in high-tech listed companies, appropriate increasing on equity incentive ratio is helpful to full play of equity incentive value effects;(4)In high-tech listed companies, equity incentive effects are influenced by company growth and its risk level:the higher company growth, while the lower risk level, the better the equity incentive effects. In summary, the implementation of equity incentive in high-tech companies has gained certain results, what indicates that equity incentive has played an active role in this area.The original intent of selecting this subject as topic is to examine equity incentive effect and its influencing factors through joining macro background, middle industry and micro enterprises up. During this process, the paper absorbed essence of existing studies, grasped the strict definition and characteristics of high-tech industry, made some expansions and improvements on content and method. Still, by the limitation of individual level and time, there are some deficiencies on study samples, indexes selection and influencing factors of incentive effects, what need to be further improved in future.