Research On The Relationship Between Stock Ownership Incentive,R&d Investment And Enterprise Value

Today is a knowledge-oriented era.Science and technology innovation are key factors to maintain sustainable development for the corporate,even for our country.To realize our products transformed from "made in China" to "created in China",the enterprise's r&d activity is essential.As a result,more and more enterprises began to increase r&d investment to strengthen technological innovation.R&D investment and technology innovation has a long-term significance in the micro and macro level.But the return from a corporate r&d activities tend to be long-term and full of hazard.In modern corporate governance system,the separation of ownership generate principal-agent problems led the operator to avoid r&d investment and ignore the company's long-term interests.Stock ownership incentive can alleviate the principal-agent problem,it is a kind of effective means of corporate governance.It relates the interests of the awarded and the long-term benefits of the company.It promotes enterprise long-term business activities to be carried out.In 2006,measures was promulgated for the management of the listed companies' equity incentive in our country.More and more the listed companies issue equity incentive plan,especial the companies in the high-tech industry,in order to promote enterprises' operative activities to be carried out.Stock ownership incentive makes impact on company business activities inevitably,such as r&d investment,and affects the enterprise value finally.This paper chooses 378 listed companies in high technology industry as research samples,which released the equity incentive plan during 2006-2015.It studies the relationship between r&d investment,the stock ownership incentive and enterprise value.For stock ownership incentive,this article respectively studies the mode of the Stock ownership incentive,equity incentive intensity and duration of equity incentive.Through empirical analysis,the paper finds that the equity incentive can effect enterprises' r&d investment,reinforce the relevance between enterprise r&d investment and enterprise value.Specifically,this paper draws the following conclusions:(1)the different mode of equity incentive makes a different impact on enterprise r&d activity The influence of the equity option can promote the enterprise research and development activities more seriously than the restricted stock.(2)the equity incentive intensity is positively related to the intensity of enterprises'r&d investment.(3)the longer the term equity incentive,the higher the corporate r&d investment intensity level(4)the enterprise's r&d investment can promote the enterprise value,and the relationship between r&d investment and the enterprise value in the lag year is more significant.(5)the equity incentive intensity can reinforce relations between r&d investment and enterprise value;the period of equity incentive can reinforce relations between r&d investment and enterprise value(tobinQ as the proxy variable)in the lag year;the mode of equity incentive had no effect on the relationship between the corporate value and r&d investment.Research conclusions from this article have reference significance to design the equity incentive plan and can guide the management behavior of the enterprise.