The Impact Of Equity Incentive On Enterprise Based On The Panel Data Of High-tech Listed Companies

Equity incentive is an important measure to solve the problem of agency of listed companies and consummate the system of incentive and constraint mechanism.With the completion of the split share reform and the introduction of the Equity Incentive Measures for Listed Companies in 2016,the equity incentive system has a rapid development of the market and institutional basis,and it is expected that the influence of the system in modern enterprises will increase day by day.As we all know,high-tech industry is the support industry in the transformation of economy.The success or failure of R & D decision-making is directly related to the innovation ability and competitiveness of high-tech companies,and equity incentive as a long-term incentive means to regulate the behavior of management will inevitably affect the management of personnel on the R & D investment decision.Therefore,there is of great significance to study the concrete influence of the factors such as contract design and incentive level in the equity incentive of high-tech listed companies,and the media effect of R & D investment in equity incentive and enterprise performance for further improving the equity incentive system and improve enterprise innovation ability and achieving the maximization of enterprise performance.This paper chooses the data of high-tech listed companies from 2011 to 2015 as the research sample,analyzes the influence of the equity incentive contract design on the performance of the firm,and uses the R & D investment as the medium to analyze the effect of the equity incentive on the firm's performance.The conclusions are as follows:(1)In the design of equity incentive contract,the influence of incentive motive and mode on enterprise performance is different.Compared to the non-incentive motivational program,equity incentive program based on incentive motivations is more conducive to the improvement of operating performance.In the incentive mode,the stock option is more restrictive than the restricted stock,which is more favorable to the improvement of the firm's performance.(2)R & D investment is a significant positive correlation between the level of equity incentive and the performance of the firm.The R & D investment has a significant effect with the performance of the firm,and the interaction between the equity incentive and the R & D investment has a significant positive effect on the firm's performance.In view of the above conclusions,this paper puts forward some suggestions,such as optimizing the structure of the equity incentive contract,establishing the coordinated development mechanism of equity incentive and R & D investment,improving the internal and external environment of the enterprise and improving the information disclosure system.The aim is to make more effective incentive Positive role,to achieve sustained growth in business performance.