| As the most advanced incentive tool,equity incentives have been used by many high-tech enterprises around the world and have achieved remarkable results.Equity incentives are an important system for listed companies to improve the incentive and restraint mechanism and effectively solve the problem of principal-agent.The characteristics of high-growth,high-risk,high-return of high-tech enterprises determine that it must fully measure the input and output standards,and require management to make quick decisions and maximize the professional competence of core staff.The importance of the implementation of equity incentives for high-tech enterprises.For high-tech enterprises,the implementation of equity incentives helps them grasp the important period of current economic transformation,form a new model of joint ownership of shareholders and employees,and create development advantages centered on technological innovation.The implementation of equity incentives in high-tech enterprises can effectively solve the problem of principalagent,effectively stimulate the potential of employees,effectively promote the development of enterprises and effectively enhance the value of enterprises.However,how to implement equity incentives for high-tech enterprises has become an important issue that should be paid attention to at present.Therefore,the research on the relationship between equity incentives and corporate value of high-tech enterprises is of great significance for further improving the system of equity incentives and promoting the promotion of corporate value.This paper selects the data of A-stock market listed high-tech enterprises from 2008 to 2017 for the research sample,and uses multiple regression,difference-indifference method and propensity score matching method to analyze the impact of high-tech enterprise equity incentives on enterprise value.The following conclusions are drawn:(1)There is a positive correlation between equity incentives and corporate value of high-tech enterprises.The implementation of equity incentives is an effective means for enterprises to improve their competitiveness and create corporate value.(2)The indicators of R&D investment,technological innovation capability,and the proportion of technicians in the high-tech enterprises in China,which represent the strength of high-tech enterprises,have a positive effect on the improvement of corporate value,but the average of these indicators in China’s high-tech enterprises The level is generally low,and the investment gap between enterprises is very large,and the development is extremely uneven.(3)In recent years,the number of high-tech enterprises that implement equity incentives has grown rapidly,and the implementation of equity incentives for high-tech enterprises has a tendency to concentrate.Private high-tech enterprises occupy the majority of the entire implementation of equity incentive enterprises and most of them are concentrated in the southeast coast of China;the implementation of equity incentives in China’s high-tech enterprises tends to choose 4 or 5 years as their validity period,and the stock option model is The first choice for high-tech enterprises to implement equity incentive models.The innovations of this paper are as follows:(1)Selecting six indicators that can extract the value of the enterprise,and using the principal component analysis method to comprehensively measure the enterprise value indicators.(2)After the regression of the fixed effect model,the paper uses the difference-in-difference method commonly used to analyze policy factors to solve the problem that the ordinary regression may produce missing variables.Finally,in order to verify the accuracy of the results and solve the endogeneity problem of the model,the variables with matching propensity scores are used to study the impact of the implementation of equity incentives on corporate value.(3)Selecting the indicators of innovation capability,R&D investment,intangible assets,and proportion of technicians,which can reflect the development characteristics of high-tech enterprises,as the control variables of this paper,in order to better study high-tech enterprises.In view of the above research,this paper proposes to establish and improve the implementation policy of equity incentives,increase R&D investment,focus on the introduction and cultivation of talents,etc.,in order to play the role of equity incentives and promote the value of enterprises. |
