An Empirical Study On The Influence Of Executive Stock Option Incentive On Enterprise Intellectual Capital Investment

Intellectual capital is an important support for enterprises to get long-term strategic performance,and it is also the source of technological innovation and value increase at the time of knowledge economy.Intellectual capital investment is a strategic resource investment behavior for sustainable development of enterprises^[1,2],and it is also a powerful guarantee for enterprises to achieve innovation-driven development.In order to change the economic growth mode,enterprises need to transform from extension growth to intensional growth,which ultimately depends on intellectual capital investment of enterprises.Therefore,in the background of changing the economic growth mode,it is of great significance to study the incentives and governance mechanism of the intellectual capital investment of enterprise in order to strengthen the intellectual capital investment of enterprise and improve the effect of investment.In modern business enterprises,the separation of property rights from operating rights will affect the managers'decision to intellectual capital investment and lead to over-investment and under-investment.The effective way to solve this problem is to establish a long-term incentive mechanism,stock option is one of the most commonly used long-term incentive methods.In this way,the wealth of shareholders can be unified with the interests of the operators,and the revenue and risk sharing between operators and enterprises.Based on the background of the corporate governance environment and the implementation of stock incentive in China,based on the principal-agent theory,technology innovation theory,human capital theory and rent-seeking theory,this paper reviews the domestic and international research,and starts with the idea of theoretical analysis to empirical examination and analysis.Taking the stock option incentive companies in A shares listed companies in China from 2006 to 2015 as the sample,the intellectual capital investment is classified into human capital investment,R&D investment and social capital investment.The stock option incentive is measured by the ratio of option value,incentive period,the amount of stock options,exercise price and stock price difference.The impact of inspection on intellectual capital investment and specific projects is analyzed,and corresponding policy recommendations are put forward based on the empirical findings.The empirical analysis shows that:1.Executive stock option incentive has a significant positive impact on human capital investment.2.Executive stock option incentive has a positive impact on the R&D investment,partly by significance test.3.Executive stock option incentive has a positive impact on corporate the social capital investment,partly through a significant test.4.Executive stock option incentive has a significant positive impact on the intellectual capital investment.Therefore,this paper believes that the enterprise should improve the share of the stock option value in the proportion of the salary of high-level managers;the setting of the exercise price should be flexible and conform to the reality of the stock market in our country;and the incentive plan of stock option should be designed according to the different investment projects.We hope to promote intellectual capital investment and speed up transformation of China's economic growth mode and ensure the long-term sustainable development of enterprises.