Analysis Of Equity Incentive Effect On Innovation Performance Of China’s Growth Enterprise Market Listed Companies

In order to build a multi-level capital market system, China opened at the end of October 2009 GEM, its lower listing threshold, in favor of high-growth small and medium incubators and high-tech enterprises, not only the establishment of exit mechanism as normal venture capital, but also for These companies provide a convenient financing platform. Since the GEM high-growth and high-tech property, GEM companies well suited as the mainstay of technological innovation R&D activities, and therefore, since the GEM board, the independent innovation capability of GEM listed companies has been much concern about the problem, Among them, how to motivate talent is the key to enhancing innovation GEM listed company’s independent innovation capability, so as a common equity incentive incentive, naturally of great importance for research and innovation performance of GEM.Based on the related literature to collate and research, and put forward the hypothesis in the principal-agent theory, the basis of human capital theory and technology innovation theory, metrics and related models and empirical analysis of the relevant data, the final results conclusions and make recommendations. In this paper, from 2009 to 2013 through the implementation of equity incentive GEM listed companies as a sample, using SPSS statistical software were descriptive statistical analysis, correlation analysis, multiple regression analysis and non-parametric tests, empirical results show that: China GEM Company equity incentive and innovation performance was not significantly negative correlation; of GEM listed companies before and after the implementation of equity incentive, there are significant differences in the impact on innovation performance, and the former than the latter; the implementation of GEM listed company equity incentive and not Compared with GEM listed company equity incentive of its impact on innovation performance significantly different, and the former than the latter; the implementation of GEM listed companies the impact of restricted stock on innovation performance better than stock options.