Research On Core Employee Equity Incentive And Innovation Output

In the era of knowledge economy,the most fundamental competition for a country or a company is the competition of talents.How to attract and retain talents,and motivate them to work hard and actively innovate,improve the innovation ability of enterprises,and ultimately improve the competitiveness of enterprises,has become the primary problem of internal governance of modern enterprises.Equity incentives are a long-term incentive mechanism.It has been officially implemented in China for more than ten years.Whether it can play an effective incentive role and how much it plays a role is still a problem worthy of inspection.Innovation is the first driving force for development.It plays a key role in national economic growth and enterprise development.At present,there is still a big gap between the level of innovation of Chinese enterprises and developed countries,especially in science and technology.Two aspects.Moreover,as international competition becomes more complicated and fierce,how to improve China's innovation output and make China's active position in international competition become more important than ever.The research sample selected in this paper is the 2006-2016 Shanghai and Shenzhen A-share listed companies,trying to explore the impact of core employee equity incentives on innovation output.The reason why the core employees are selected as the research object is that the existing research in this area mostly chooses executives as the research object,few scholars pay attention to the core employees,and the influence mechanism of core employees and senior executives on innovation output is also different.Therefore,this paper defines the core employees as core technical personnel and core business personnel to test whether the core employees will affect the innovation output after implementing the equity incentives.Firstly,based on principal-agent theory,profit-sharing theory and two-factor theory,this paper discusses the mechanism of core employee equity incentives affecting innovation output,and deduces that core employee equity incentives can promote innovation output.Then analyzes stock options and restricted stocks.Under the two different equity incentives,whether the positive impact of core employee equity incentive intensity on innovation output is different.Finally,from the perspective of innovation decision-making efficiency,it is believed that there is a relationship between equity incentives and innovation output of core employees in two jobs.Regulating effect.Through empirical analysis,this paper draws the following conclusions: First,compared with enterprises that do not implement equity incentives for core employees,enterprises that implement equity incentives for core employees have more innovative outputs,and the intensity of equity incentives for core employees.The bigger the company,the more innovation output the company has.At the same time,this paper also finds that the implementation of equity incentives for executives not only does not promote innovation output,but has an inhibitory effect on innovation output.Secondly compared with restricted stocks,the core of enterprises that implement stock option incentives for core employees the positive impact of employee equity incentive intensity on innovation output is more obvious.Finally,compared with the separation of the two positions,the positive impact of the core employee equity incentive intensity on innovation output is more obvious.