Empirical Research On The Centive Effects Of Executive Stock Options For The Human Capital In High-tech Enterprises

As the world economy entered the era of knowledge economy, the development of high-tech enterprises as the importance of knowledge intensive enterprises has been continuously strengthened, and become a major engine of economic development in China. High tech industry has become the engine of social and economic development, and it is an inevitable trend to replace the manufacturing industry as the leading industry of the economy. Standing in a more long-term perspective, the development of high-tech industry represents a country's comprehensive strength. As a knowledge intensive enterprise, the key resource of high-tech enterprise is knowledge, therefore, it needs a group of creative high quality human capital. How to attract and encourage innovative talents and prevent brain drain has become a problem which must be paid attention to in the development of high and new technology listing Corporation. At the same time, the characteristics of human capital determine its not easy to supervise, it should be the characteristics of the.Profit sharing system and the compensation of the human capital and corporate performance is closely linked, in a certain extent, integrated the consistency of the human capital of their own interests and the overall interests of the company, so as to realize the human capital of high tech listed companies win-win situation. Profit sharing system using in many high-tech knowledge enterprise, with ESOP, profit sharing and economic value added share and other forms of equity incentives. Due to limited time and energy, this paper will mainly talk about equity incentive. Equity incentive as a profit sharing one manifestation of, is awarded the high-tech listed companies human capital equity, makes the human capital of high tech listed companies form related interests, the common goal is to achieve the company's performance. At the same time, although in Chinese academic research on equity incentive research literature a lot, but they are focused on listed companies and management incentive, and study industry did very little, about the research literature on stock ownership incentive of high-tech enterprises is very few. Although the direct reference to research in western countries on high-tech enterprises equity incentive,but compared with western developed countries, China's market environment and corporate governance system has obvious difference. In high tech enterprises of ourcountry, the implementation of equity incentive and the effect of the problem is how to further study.Therefore, this paper will be based on the idea of profit sharing, to take a combination of qualitative and quantitative, theoretical and empirical research methods, first of all, on the basis of domestic and foreign relevant theoretical basis for collation and induction, and literature review. Then, based on the current situation of equity incentive in China's high-tech listing Corporation, this paper puts forward the research hypothesis from the relationship between the performance and equity incentive and other factors. On this basis, using factor analysis method of high-tech listed companies implementing equity incentive performance comprehensive evaluation scores, then take regression analysis test analysis of equity incentive and high-tech performance of listed companies related degree, each factor of the influence.Based on the above analysis draw the conclusions of this study:(1) the equity incentive of high-tech listed company performance has a positive effect;(2) in the high-tech listed companies, showed an inverted U-shaped relationship between equity incentive and corporate performance;(3)high-tech listed company performance and company growth significantly positive correlation; and capital structure significantly negatively correlated;(4) high-tech listed company performance and company size is not significant positive correlation.