Research On The Effect Of Equity Incentive On The Innovation Performance Of Listed High-tech Enterprise

High and new technology enterprise is the core of the national technology innovation and development leader, represents the national technology progress.It depends on the enterprise’s manager and core technical personnel’s innovation ability to realize the value of high and new technology enterprise innovation. Then to the innovation talented person’s incentive becomes the key to promote high-tech enterprise independent innovation ability.It can reduce the costs and encourage the innovation. It has theoretical and practical significance to research the relationship between equity incentive and the enterprise innovation performance for the high technology and new technology enterprise.It introduces the background and significance, summarizes the means of equity incentive and the enterprise innovation performance in this study. It also introduce the factors of influence on the performance of enterprise innovation. Before analyze the relationship between the two variable, it statistics the current station of equity incentive from the size methods and the intensity. This article selects listed high-tech enterprises which implemented equity incentive from 2006 to 2014 as the research sample, selects the enterprise innovation performance comprehensive index, ROE and R&D intensity is as explained variable, selects equity incentive intensity, the executive equity incentive strength and core technical personnel equity incentive strength as explanatory variables. Then make empirical test and analyze the enterprise equity incentive effect on the performance of enterprise innovation.The empirical results show that enterprise innovation performance has increased significantly after the implementation of equity incentive. Equity incentive have significant positive influence on innovation performance of enterprise when the equity incentive objects are managers and core technical personnel, at the same time there is no significant difference when the equity incentive objects is different. Stock options and restricted stock can improve enterprise’s innovation performance. It more better to implemente the stock option for manager. Restricted stock incentive effect against the core technology is better. The equity incentive of welfare enterprise have a significant positive impact on the performance of enterprise innovation, but the valid period have no effect on it. innovation performance is better when the enterprise has large assets and growth better. Finally based on equity incentive effect on firms’ innovation performance and status of our country’s economy,this study puts forward corresponding suggestions.