The Impact Of Equity Incentives On Enterprise Innovation Performance

Innovation is the key to improving the competitiveness of enterprises and an important way to achieve industrial upgrading and economic transformation.In order to study the impact of management equity incentives on corporate innovation performance,this paper takes 274 listed companies that have implemented equity incentives between 2011 and 2106 as samples,downloads and processes the data of Guotaian database,and uses DEA model to measure enterprises.The innovative performance,and the use of panel smooth conversion regression model empirically study the impact of equity incentives on corporate innovation performance,clarify the relationship between equity incentives and corporate innovation performance,verify the existence of the threshold effect and draw the following conclusions:Management equity incentives can improve the company's innovation performance.In the western countries where the capital market fully develops the corporate governance structure,equity incentives are considered to be one of the most effective ways to resolve the inconsistency between agents and owners.China's capital market is still in the early stage of construction,and the corporate governance structure and incentive mechanism are not perfect.Whether the management's implementation of equity incentives can improve the company's innovation performance still has some controversy in the academic circles and the industry.The empirical results of this paper show that although there are two different district systems,the regression coefficients of the dependent variables are significantly positive in the two districts,that is,the management equity incentive has a significant positive impact on the innovation performance of the enterprise,so We can think that implementing equity incentives for management can help improve corporate innovation performance.The impact of management equity incentive ratio on corporate innovation performance has a threshold effect.The impact of the management equity incentive ratio on the company's innovation performance varies with the equity incentive ratio.The influence of the management equity incentive ratio on the company's innovation performance shows a strong first and then weak trend.When the equity incentive ratio is low,it shows a strong incentive effect.As the shareholding ratio increases,the incentive effect weakens.There is a single threshold effect on the impact of management equity incentive ratio on corporate innovation performance,and the regression coefficient of equity incentives on both sides of the threshold is positive,so the relationship between equity incentives and innovation performance is not U-shaped or inverted U-shaped.The positive correlation between the two districts.Equity incentives can improve the innovation performance of non-state-owned enterprises,but the impact on state-owned enterprises' innovation performance is not significant.The empirical results of this paper show that for non-state-owned enterprises,equity incentives have a significant role in promoting innovation performance,but for non-state-owned enterprises,the correlation between innovation performance and equity incentives is not significant.This also means that the implementation of equity incentives for state-owned enterprises does not improve the innovation performance of enterprises.For non-state-owned enterprises,the higher the equity incentives,the better.According to the research conclusion,the impact of equity incentive ratio on corporate innovation performance is always positive.From the perspective of improving corporate innovation performance,the higher the equity incentive ratio,the better,so there is no advantage in the scope of research.Based on the above conclusions,the paper puts forward the following suggestions: speed up the implementation of equity incentives in non-state-owned enterprises,and increase the ratio of equity incentives as much as possible to improve the innovation performance of enterprises.Since equity incentives have a significant role in promoting the innovation performance of non-state-owned enterprises,and the equity incentives under the two-region system have a significant positive impact on the innovation performance of enterprises,the higher the proportion of equity incentives within the scope of research,the innovation of enterprises The higher the performance.Therefore,vigorously promote non-state-owned enterprises to implement equity incentives and improve corporate innovation performance.It is very important to improve the ability to innovate and achieve industrial upgrading.Accelerate the improvement of the incentive mechanism for state-owned enterprises and release the incentive effect of equity incentives on innovation.In state-owned enterprises,the relationship between equity incentives and corporate innovation performance is not significant,that is,the role of equity incentives in promoting innovation has not been fully released.Therefore,state-owned enterprises should further strengthen and improve innovation incentives and fully release equity incentives.Promote the innovation performance of enterprises.Considering that state-owned enterprises occupy a large amount of production materials,they have more advantages than non-state-owned enterprises in terms of policies,funds and talents.Therefore,improving the incentive mechanism of state-owned enterprises fully releases the incentive effect of equity incentives on enterprise innovation,and will be the overall economic innovation.The level of improvement makes a significant contribution.