The Relationship Between Equity Incentives And R&D Expenditures

In recent years,China's economic growth rate decline gradually,the development of low-spirited manufacturing industry,driving development mode relying on resources,capital and other factors can not adapt to the current economic development situation,the worsening external environment,increasing the pressure of competition,demand development mode of manufacturing enterprises to promote the transformation and upgrading of technology,constantly improve their own innovation ability.After 2006,the equity incentive of listed companies to get policy incentives,enterprises through equity incentives to enhance their own value has become a hot research.This paper reviews the current situation of listed companies equity incentive in,as of the end of 2015,there are 515 listed companies in the implementation of equity incentives,including manufacturing listed companies have 370.On average we can get the development of the implementation of equity incentive intensity is obviously higher than that of the A stock market through the data,the strength of R&D investment equity incentive of listed companies is significantly higher than that in non implementation of equity incentive of listed companies to implement the listed companies in the manufacturing sector.The manufacturing industry listed in A stock market listed companies as the research object,selects the data of Listed Companies in 2005-2015 manufacturing,by screening 176 of them home equity incentive of listed manufacturing companies as the research sample selection.According to the principal-agent theory,asymmetric information theory and technology innovation theory and incentive theory,combined with the current manufacturing industry before combing the domestic listed company equity incentive,the experiment group contains 176 equity incentive mechanism of Listed Companies in the manufacturing sector,and through the selection criteria,with the same number of other relevant circumstances similar,but did not make manufacturing of equity incentive of listed companies as the control group,by constructing a double difference model,the comparative study of experimental group and control group,the treatment effect of equity incentive to separate R&D investment,then through empirical regression analysis,thus obtained the following conclusions:(1)the equity incentive measures of manufacturing listed companies indeed increased investment in processing effect on its development,the implementation of equity incentive of listed companies to increase R&D intensity Much faster.The further construction of equity incentive and the R&D intensity correlation model,found that(2)can increase the management of R&D investment and equity incentives of Listed Companies in the manufacturing sector in the proportion of equity relationship is not obvious;(3)in the high new technology industry listed companies in the manufacturing sector of the listed company's R&D investment strength high growth faster.In this paper,we discuss the results of the empirical study,get the conclusion,and make a prospect for the listed companies to improve their innovation ability,and give some suggestions.