Empirical Research On R&D Technicians Equity Incentive And Corporate Performance

Enterprises are synthesis of various resources,such as human,capital,material resources and so on.Among them,human resources have subjective initiative,and it is the main body of calling all other resources,and occupies an important strategic position.With the rapid development of science and technology,innovation has become the theme of contemporary economic development.In the fierce market competition,enterprises can only continue to update and improve their products and technologies so that sustainable growth can become possible.As the most important participant in the scientific and technological innovation activities of enterprises,the strategic position of R&D technicians is self-evident,especially in high-tech enterprises,and they play an irreplaceable role.In addition,because R&D activities are highly professional and complex,the accumulation of knowledge of R&D technicians will play an invaluable role and is the key to enterprise product and technological innovation.Attracting and retaining R&D talents has become a decisive factor for enterprises to achieve sustained innovation and an important way for enterprises to improve their performance.However,in the real economic life,the loss of R&D personnel in domestic high-tech enterprises is common.Enterprise innovative talents have poor stability,high risk of leakage of commercial secrets,and poor prospects for innovation and development.How to take effective measures to attract and retain R&D talents has become a prominent problem that hinders the growth of enterprise value,and it is urgent to solve.In addition,the high risk of R&D activities makes enterprises not solely on the basis of the formation of innovative results and not to judge the work level of R&D personnel,is also unable to formulate effective supervision system to promote the development of technical personnel to work.How to take effective measures to mobilize the enthusiasm of R&D personnel and give full play to their creative ability is an important issue in the management of enterprise innovative talents.The historical experience shows that since the split share structure reform in 2005,the equity incentive system has achieved remarkable results in solving the domestic principal-agent problem,and it is an effective long-term incentive method.Some domestic high-tech enterprises(such as HUAWEI)applied this system to the management of R&D technicians,and achieved remarkable results.However,after combing the literature,we found that the research of the current domestic and international academic circles for R&D staff equity incentive is less,and studies havefocused on theoretical analysis,empirical research and technical personnel of the effect of the implementation of equity incentive system is very rare.Therefore,this paper takes empirical analysis of the impact of R&D personnel equity incentive on enterprise performance as the main content,in order to provide practical guidance for enterprise R&D personnel human capital management.Because of our special national conditions,property rights play an important role in the production and management of enterprises.Many researchers at home and abroad show that the effect of property rights on the implementation effect of executives and ordinary employee's equity incentive system has,but its specific play to promote or inhibit the conclusions of different scholars are not consistent.Therefore,combining the content of this study and introducing property rights variables,it is necessary to deeply analyze the impact of the implementation of the equity incentive system of R&D personnel.This paper collected literatures on equity incentive and corporate performance,analyzed achievements and deficiencies of this study and then established the research content and method of selecting sample data,using a variety of measurement methods,empirical analysis of R&D technicians' equity incentive impact on corporate performance.Secondly,this paper defined the main concepts related to this research,explained the basic reason of enterprise implementation of R&D and technical personnel of equity incentive,and elaborated the relevant theories of equity incentive and corporate performance,laid a solid theoretical basis for the subsequent empirical analysis.Again,to distinguish between enterprise performance for long-term performance and short-term performance,theoretical analysis of R equity incentive effect on corporate performance of short and long term,and the introduction of property variables in-depth analysis,and puts forward the theoretical hypothesis.Finally,select high-tech enterprises from 2012 to 2015 data as the sample,building the analysis model,using a variety of measurement methods of descriptive statistics,correlation analysis and multiple regression analysis,and then test the equity incentive technical staff can have a positive effect on enterprise long-term performance,and the influence of property right on the relationship between the two.According to the results of empirical analysis,summed up the conclusions of this study,and combined with China's economic environment and enterprise management present situation,put forward specific policy recommendations.Combining the empirical analysis results,we find that the implementation of R&D technical personnel equity incentive has a significant role in promoting long and shortterm performance of enterprises.The implementation of equity incentive system is not only beneficial to attract innovative talents,but also can effectively solve the problem of R&D personnel turnover and principal-agent problems,and will significantly enhance the ability of enterprise innovation and development.However,the sample data show that there are still few high-tech enterprises in China to implement the equity incentive of R&D technicians,and many enterprises are still implementing the management of equity incentive.Facing the severe market competition situation,enterprises should pay more attention to the cultivation and encouragement of R&D technicians.Enterprises should make full use of equity incentive policies to attract and retain more talents for enterprises,and fully stimulate their enthusiasm for work and provide reliable protection for enterprises to achieve innovation and development.The introduction of property variables in-depth analysis,we found that it has no significant effect on the relationship between equity incentive and corporate R&D personnel on short-term performance,but the impact of the development of technical personnel to the enterprise long-term equity incentive to promote the role of performance data,the result is statistically significant at the 5% level.Compared with the state-owned enterprises,the implementation of R&D technical personnel equity incentive system plays a more important role in promoting the long-term performance of state-owned enterprises.The state-owned enterprises should further deepen the reform and provide a good environment for the implementation of the equity incentive policies for R&D technicians,so as to give full play to their long-term incentive role.