Study On The Impact Of High-new-tech Enterprises's Core Employee Stock Incentives On Innovation Performance

Since entering the new normal era,the innovation drive has gradually become an important direction for the transformation of China's development model.In this process,it is of great importance to encourage high-new-tech enterprises to actively develop innovation capabilities and enhance innovation performance.In order to better support the development of high-new-tech enterprises,various departments in China have introduced relevant policies,and preferential policies related to the long-term incentive have also emerged.In a good external policy environment,high-new-tech enterprises are more likely to use stock incentives to improve the company's internal governance environment and enhance innovation performance.At present,the research on the impact of stock incentives on corporate value has been very rich,and it has gradually extended to the research field of the impact of stock incentives on enterprise innovation.However,most of the research starts from executive stock incentives and discusses the impact on corporate innovation performance.However,the company's complete principal-agent relationship chain includes shareholders-executives-employees,and the core employees play an increasingly important role in innovation activities.Therefore,it is necessary to include core employees and explore the impact of employee stock incentives on corporate innovation performance.Based on principal-agent theory,human capital theory,incentive theory and innovation theory,this paper puts forward the basic assumption that “core employees stock incentives can improve high-new-tech enterprises' innovation performance.The research includes 614 high-new-tech enterprises from 2012 to 2017,and uses the comprehensive efficiency(TE)measured by data envelopment analysis(DEA)to measure the innovation performance of high-new-tech enterprises;then establishes the individual fixed effect model to analyze the impact of core employees stock incentives and different elements on innovation performance.Through the model measurement and empirical analysis,the paper draws the following research conclusions:(1)From the perspective of efficiency,China's high-new-tech enterprises can improve the innovation performance by improving the Pure Technical Efficiency(PTE);(2)Core employees stock incentives can align employees' benefits with corporate value.Under the effect of interest convergence,core employees will be more actively and consciously use their professional knowledge and specific management skills,which can affect PTE and eventually improve the innovation performance of high-new-tech enterprises;(3)The core employees stock incentives factors play an important role in the innovation performance of high-new-tech enterprises: the greater the core employees stock incentives intensity,the higher the innovation performance;the broader the scope of core employees stock incentives,the more innovative performance can be improved;the implementation of stock options for core employees can improve innovation performance.Based on the above conclusions,this paper proposes the following policy recommendations:(1)High-new-tech enterprises actively promote the core employees stock incentives system;(2)High-new-tech enterprises gradually improve the stock incentives evaluation system;(3)The government increases support for high-new-tech enterprises.