Research On Effect Of Managerial Equity Incentive On R&D Input In Private High Technology Companies

With the present stage of our country’s scientific research ability and the global scientific and technological power closer, China’s enterprises must go beyond the traditional imitation technology goose strategy, using the original innovation pioneer strategy. Core competitiveness is innovation, innovation requires a large number of R&D input to ensure. R&D input is considered to be a key factor in high-tech companies to enhance their competitive advantage. Private enterprise is the main driving force of China’s economic growth, China’s private enterprises lack of R&D input phenomenon is very serious. In the content of corporate governance, the attitude of the management to the research and development project is the most important factor to affect the innovation of enterprises.R&D activities with high risk, long cycle and other characteristics, Risk averse management may not invest in high risk but net present value as positive R&D projects. Equity incentive can not only change management layer of the utility function and risk attitude, and will make the management more willing to improve their level of effort, will enable management to pay more attention to the long-term development of enterprises, the more support to R&D input decisions. Therefore, based on the agency theory and corporate governance theory, this paper focuses on the impact of management equity incentives on R&D input. This paper is divided into six chapters, the main contents of each chapter are as follows:The first chapter, introduction. This chapter introduces the research background and research purpose, and describes the research methods and the research ideas of each chapter. On the basis of existing research results at home and abroad, this paper hopes to be more in-depth and detailed analysis of the mechanism of the management of equity incentive in private high-tech companies.The second chapter, theoretical basis. This chapter introduces the connotation and extension of management, equity incentive, R&D input and private high-tech companies, and clarifies the basic theory of agency theory, human capital theory, contract theory and X-efficiency theory. This chapter is the theoretical preparation phase of the full text.The third chapter, the theoretical analysis of the influence of the managerial equity incentive on R&D input. This chapter mainly summarizes the relevant research results at home and abroad, focusing on three aspects: R&D input, equity incentive, managerial equity incentive and R&D input. This chapter has carried on the theoretical analysis to this research. Through the theoretical analysis, the author finds that the influence of the private high-tech companies’ managerial equity incentive on R&D input is not uniform, so this study may provide a valuable reference for the relationship between the two.The fourth chapter, research hypothesis and research design. Three research hypotheses are proposed in this chapter. This study uses the data from 2009 to 2012 private high-tech listing Corporations, based on the existing research, this paper designs two empirical models.The fifth chapter, empirical research results and analysis. The purpose of this chapter is to analyze the internal mechanism of the impact of managerial equity incentive on R&D input in private high-tech companies by the data analysis, and examine the rationality of the research hypothesis. All samples and group descriptive statistics were performed using STATA13, using the samples by the preliminary analysis, select the relevant indicators, using a multiple regression model and a DID model to test the relationship between managerial equity incentives and R&D input.The sixth chapter, conclusion and prospect. This chapter summarizes the main research conclusions of this study, and puts forward the policy recommendations. This chapter summarizes the research deficiencies, and points out the research direction in the future research.The research conclusions are as follows:(1) compared with the non-implementation of managerial equity incentive companies, the R&D input in the implementation of managerial equity incentive companies became more.(2) the managerial equity incentive and R&D input has an inverted U-shaped curve relationship. When managerial equity incentive intensity is small, the relationship between managerial equity incentive and R&D input is positively correlated; when managerial equity incentive intensity is large, the relationship between managerial equity incentive and R&D input is negatively correlated;(3) in areas with higher degree of marketization level, the promoting effect of managerial equity incentive on R&D input becomes more significant.The innovation of this research is mainly(1) the nonlinear research of the managerial equity incentive to R&D input;(2) the strict definition of managerial equity incentive.