The Impact Of GEM-Listed Companies Equity Incentive On Technological Innovation

GEM has become the platform to support small and medium sized emerging companies, establish normal capital exit mechanism for multi-level capital market, inject new blood in response to the national science and technology strategies. Because the two features of high growth and high-tech, the research of GEM’s independent innovation capability has been the focus of scholars. Since the agency theory been proposed, ownership and operation of the company were gradually separated, in order to keep interests unity of operators and owners, long-term incentive equity incentive plan had caused growing interest and concern of scholars at home and abroad. GEM boarded a short time, the companies listed on GEM have lower growth, very small number of the companies implement consecutive equity incentive plan and the data reveal incomplete. Equity incentive model of companies listed on GEM are relatively simple, not establish a balanced and diverse portfolio equity incentives, mostly only the explicit incentives are taken into account while ignoring the more effective implicit incentives, the number and efforts of investment incentives are both inadequate. Most of GEM companies innovative research techniques seem R&D spending and investment as the measure system, the indicator system is quite single, the angle is lack of overall, monitoring and evaluation of the effectiveness of technology innovation process are not in place.This paper uses the statistical methods to filter representative empirical indicators from the different angles of two incentive object and thus facilitate the proposed incentive target optimization recommendations. This article chooses GEM listed companies as a research object of the implementation status and equity incentive effect, the article is no longer selecting common performance evaluation system, but impact model constructed based on the output of technological innovation assess the effect of its equity incentives. In this paper, by reviewing and analyzing the relevant equity incentives and technological innovation research of companies listed on GEM, and based on the concept definition, summarizes the theoretical basis related to the research, and on this basis, build a indicators framework about impact between technological innovations and equity incentives on the different angle of GEM listed companies, and identify research hypothesis, then filtered sample companies and data, through descriptive analysis and correlation test to sample data, preliminarily test correlation between samples and indicators, and focus on empirical regression process, further results GEM listed company executives held ratio of equity incentives, the proportion of non-executives holding equity incentives and the number of patent applications, patents authorized rate, intangible rate ratio are positively correlated with each other. The size of the company is positively related to number of patent applications, patent authorized rate and intangible assets ratio. Asset-liability ratio, cash flow are negative related to the number of patent applications, patents authorized rate and intangible assets ratio. It can be seen companies listed on GEM equity incentive as the main influence of technological innovation can not only enrich the existing equity incentive research, but also provide policy recommendations to improve the ability of independent research and development.In this paper, GEM companies face many problems and contradictions such as equity incentive share is not high, the level is low, relative to a single mode means, technological innovation index system is not comprehensive, innovative process supervision is not in place. GEM-listed companies can reasonably arrange equity incentive interests between executives and non-executives share configuration, include technological innovation indicators into equity incentive evaluation dimensions, choose and use a balanced combination of equity incentive interests, strengthen the incentive process regulatory and create a good environment of technical innovation, value on horizontal expansion aspects related to equity incentive between technological innovation, and increase the proportion of implicit incentives of technology innovation.