Executive Equity Incentive,Core Employee Equity Incentive And Corporate Technical Innovation Performance

The 21st century is full of challenge,and the technological progress is very fast.For those who have strong profitability,growth speed,high technology of small and medium-size enterprises,Technological innovation have been the lasting power to maintain enterprises' long-term stable development.Therefore,how to attract and motivate innovative geniuses,is the key to enhance a enterprise's performance of technological innovation and to break through the competitive landscape.Equity incentive mechanism is an effective way to solve the problem of principal-agent problem.It can also significantly improve the company's performance,and help enterprises to achieve sustainable development.However,the existing research focuses on the influence of executive equity incentive on the technological innovation of enterprises,and there is little research on the influence of core employees' equity incentive on technological innovation.Equity incentive mechanism is a system innovation which can promote enterprises' technological innovation.When the Small and medium-sized board companies implement the equity incentive plan,some companies only give equity incentive to executives,some companies only give equity incentive to the non-executives staff,and some companies give equity incentive to the two of them.This paper attempts to discuss the relationship between executive equity incentive,equity incentive and companies' technical innovation performance in the small and medium-sized boards of listed companies.And it also discusses the relationship from the perspective of company scale.Then we study the synergetic effect between executive equity incentive and core employee equity incentive to the companies' technical innovation performance for a further discuss.In this paper,we consider the small and medium-sized boards of listed companies as the data source.Based on the literature combing and theoretical analysis,this paper constructs the multiple linear regression models and uses stata11.0 to carry on the data processing,and draws the conclusion as follows:First,both the executives non-executives staff and the non-executives staff equity incentive can significantly promote the technological innovation performance of enterprises.Second,compared to small businesses,this promotion effect is greater in large enterprises.Third,there is a synergistic effect between the executive equity incentive and the non-executives staff equity incentive to technological innovation performance.Fourth,the positive correlation is not only established in the implementation of the equity incentive plan,but also in the period of technological innovation performance,which shows that the implementation of equity incentive can significantly improve the current and next technological innovation capability.This paper puts forward some suggestions for the small and medium-sized boards of listed companies to perfect equity incentive plan.we suggest that the companies can implement equity incentive plan,and they should pay attention to the core employee equity incentive,and also they should improve employee stock ownership plan.This paper further enriches the existing research results of equity incentive,which has certain practical significance for improving employee stock ownership plan and the technological innovation capability of small and medium-sized listed companies,which is full of guiding significance and reference value.