Research On The Impact Of Equity Incentive Restriction On R&D Expenditure Of Manufacturing-Listed Companies

With the proposal of the national policy of mass entrepreneurship and innovation,the country has paid more and more attention to the power of innovation.As a part of the socialist market economy,enterprises should increase the scale and frequency of their research and development activities,which is conducive to upgrading and upgrading of products and technologies,increasing research and development expenditure,helping enterprises to upgrade and transform and improve their innovation ability,and accelerating the circulation of market economy.In order to create a favorable market environment,the state promotes development through innovation,promotes healthy competition in the whole society,enables enterprise innovation to drive social innovation,and social innovation drives national innovation.To fundamentally promote innovation,enterprises should pay attention to the development of their R&D activities,analyze the factors affecting their R&D expenditure,and promote their R&D development by means of factors.Equity incentive,as an incentive means for corporate executives and core employees,is a key factor affecting the R&D expenditure of enterprises.Under the limitation of equity incentive,it is of positive significance to study whether such influence exists and how it plays a role in practical R&D activities.Paper by analyzing the related research literature in this field at home and abroad,utilizing behavior incentive theory,human capital theory,principal-agent theory and technology innovation theory as the support,analysis of the equity incentive and equity incentive line weight limit for the influence of different nature of the research and development spending,using Bergstresser and Philippon measure equity incentive intensity,draw lessons from the measure of equity incentives,such as Liu Baohua authority limit method,put forward relevant assumptions,selection of empirical model,for validation.From 2008 to 2017 in the Shanghai and shenzhen two city all a-share listed companies to select the manufacturing company of equity incentive means data as the research object,using descriptive statistics,correlation analysis and regression analysis and other empirical methods of different nature of the research and development spending,in view of the equity incentive equity incentive rights and limitations of different nature empirically studies the influence of R&D spending,and carry on the empirical test.The empirical test results show that the influence of equity incentive on R&D expenditure of listed companies in China is inverted u-shaped,which is mainly determined by the expensing part of equity incentive.Restricted equity incentive has a weakening effect on the expensing part of R&D expenditure,which is more obvious than that of non-restricted equity incentive.According to the empirical conclusion put forward relevant policy Suggestions,from the macroscopic Angle to establish research grant funds,perfect the equity incentive laws and regulations,establishing the system of investor protection,introducing competition mechanism to reduce the state-owned shares,the reasonable design equity incentive mechanism from the microscopic view,executives with enterprise policy,competition and cooperation,to guide reasonable to carry out research and development activities of listed companies,improve the enterprise innovation ability,promote with movable social innovation,building an innovative country.