Research On The Influence Of Equity Incentives On The Performance Of High-tech Enterprises

As one of the most advanced incentive tools at present,equity incentives have been used by many well-known high-tech companies in the world and have achieved good results.However,the introduction of mature foreign experience in China does not necessarily produce the expected results.It has been 10 years since the introduction of the equity incentive system for A-shares.More than 1,000 high-tech companies have tested the water as a new incentive tool,trying to introduce equity incentives as a tool to enhance corporate performance and mobilize innovation.However,from the perspective of practical results,due to the problems of the macro environment and the incentive scheme design,many companies did not show significant improvement in their performance after the implementation of equity incentives,and even one-third of companies eventually chose to stop implementing the plan..In view of the above issues,this article is intended to explore,in the enterprise equity incentive program design level,for China's listed high-tech companies,what kind of equity scheme design model is really conducive to improving corporate performance? Furthermore,compared with traditional financial performance,the level of innovation performance can better reflect the core value of high-tech companies.Whether the implementation of equity incentive plan can promote the innovation performance of enterprises can lead to a corresponding transmission path.How is it?Based on the characteristics of high-tech enterprises,this paper analyzes a set of equity incentive with more “incentive effect” from the theoretical and empirical perspectives.From the focus of traditional financial performance to the level of innovation performance,the three stages of the innovation process are used to the research framework to explore the impact of equity incentives on innovation performance.In the theoretical analysis part,this paper takes the classic theory of equity incentive as the basis of literature,and according to the characteristics of high-tech enterprises,combs the influence of various elements of equity incentive design on the performance of high-tech companies,and puts forward relevant theoretical design suggestions and empirical research hypotheses.With regard to the analysis of the impact of equity incentives on high-tech companies' innovation performance,this paper takes the three phases of innovation activities as the research framework,and proposes the assumption of the theoretical relationship among equity incentives,R&D investment,and corporate innovation performance.In the empirical part,based on the relevant data of A-share listed high-tech companies,implementing the equity incentive to evaluate corporate innovation performance from three aspects: innovative R&D input,R&D output and conversion,and innovative performance output.Finally,we test the hypothesis model.The research conclusions show that,in the design of equity incentive plan,the restricted stock incentive model with high intensity,longer validity period,challenging exercise conditions is more suitable for high-tech companies,and it can help to develop the incentive attributes of equity incentive plans and improve the corporate tradition.Performance.At the level of innovation performance,innovation investment serves as an intermediary variable for the effect of equity incentives on innovation performance.It helps companies fully mobilize R&D dynamics of senior management and core personnel in the form of equity incentives,increase investment in innovation activities,and promote innovation and R&D output.The transformation will ultimately achieve high innovation performance and provide effective driving force for the long-term development of the company.