Research On The Value Effect Of Equity Incentive System For Innovative Enterprise

Innovative enterprise is the subject of enhancing the capability of independent innovation and building an innovation-oriented country. At the present stage our country pay more attention to build innovative enterprises, constantly perfect the governance institutions of innovative enterprises and project logical motivation system for the enterprises. In recent years more and more innovative listed companies select equity incentive as the important mode to perfect the corporate governance mechanisms. But at the same time in our country equity incentive encourage the core staff of innovative enterprises and enhance enterprise value, but also exposed some problems. Therefore it is of great significance to improve the equity incentive of innovative enterprises.According to the theory of equity incentive and corporate governance and on a basis of the development of innovative enterprise,this paper studies the value effect of equity incentive system for Chinese innovative listed companies. This paper describe the background of equity incentive system for innovative listed companies and the present motivation model.On this basis, this paper analyze the influence mechanism of equity incentive on short-term enterprise value and long-term enterprise value. This paper explore the short-term value effect and long-term value effect with the data of innovative listed companies announcing equity incentive plan during 2005-2015, using the Event study and DEA methods, then combining with the empirical results of value effect of equity incentive system for innovative listed companies. Next this paper research the factors that influence the value effect of equity incentive for innovative listed companies, such as incomplete capital market system, lack of government support, imperfect equity incentive plan. Then this paper analyze the American equity incentive system and the practice to innovative enterprises, and then summarize the reference value of American equity incentive, including legal regulations, capital markets, etc .At last this paper put forward the proposals for perfecting the equity incentive system for innovative listed companies and promoting the innovative enterprise value, including designing reasonable equity incentive plans, optimizing internal management mechanism,increasing government support.