Research On The Influence Of Equity Incentive Oninnovation Performance

Nowadays,with the fierce competition in the economic market and the emergence of new technologies such as cloud computing and artificial intelligence,more and more enterprises are aware of the importance of innovation.As the executor and participant of enterprise innovation strategy,managers and core employees affect the innovation performance of enterprises.In order to improve the innovation enthusiasm of enterprise managers and core employees,equity incentive system came into being.However,China's equity incentive system is not perfect,there are earnings management,profit manipulation and low incentive intensity.In addition,scholars' research conclusions on this topic are inconsistent,and research methods are also different.Based on this situation,this paper studies the relationship between equity incentive and innovation performance by using propensity score matching method and double difference method,and deeply studies the differences between different equity incentive methods and whether the incentive target includes core employees' influence on innovation performance.The conclusions of this paper are as follows: firstly,equity incentive can improve the innovation performance of Listed Companies in China;secondly,compared with restricted stock,stock option incentive can improve the innovation performance of listed companies;thirdly,compared with the incentive object which does not include the core staff,the incentive object contains the core.Equity incentive of core employees can improve the innovation performance of listed companies.Based on this conclusion,this paper puts forward some suggestions for Chinese enterprises to implement equity incentives and improve innovation performance from the perspectives of government and enterprises,and points out some directions for future research.There are two innovative points in this paper: on the one hand,from the perspective of innovation output,the number of patent applications is used as an alternative variable of innovation performance,and the relative and absolute value of R&D expenditure is used as a robustness test to measure innovation performance more comprehensively;on the other hand,the tendency score matching and double difference method are used to study innovation performance,which avoids bringing about under the special system of our country.The sample selection errors and the bias score matching method itself have errors,which make the empirical results more accurate.