Research On The Impact Of Equity Incentive On The Performance Of High-tech Enterprises

Equity incentives are a long-term incentive mechanism aimed at reducing the cost of entrusting agents.From 2010 to 2018,China's listed companies have implemented a total of 1810 equity incentives.Among them,high-tech companies accounted for the most,with 693 companies.The human capital and innovation ability of core talents are the main driving force for promoting the sustainable development of high-tech enterprises.Whether or not to retain talents through perfect internal mechanisms determines whether high-tech enterprises can survive and develop better.Therefore,whether equity incentives can achieve positive effects and enhance the company's performance,high-tech enterprises should pay full attention.First of all,this paper introduces the research background and significance,research methods and content,literature review and innovation points.Secondly,it introduces related concepts,relevant theoretical foundations and the mechanism of equity incentives acting on corporate performance.Thirdly,it analyzes the current status of equity incentives of listed companies and high-tech companies in China,including quantitative changes,listing types,and incentive levels,industry distribution,incentive model,property rights and the performance of companies with different property rights.Then,this paper selects 80 high-tech companies from January 1,2013 to December 31,2017 as research objects.Through panel data multiple regression analysis to verify the hypothesis of this paper,empirically explore whether equity incentives have an impact on high-tech business performance,whether it is positive or negative,and on the basis of management shareholding impact on performance,the impact of the degree of shareholding on the company's performance,the following research conclusions:equity incentives have a significant positive effect on the performance of China's high-tech enterprises,but there is a certain interval effect,that is,there is an "inverted U" type relationship,and for high-tech companies,different property rights are not obvious impact on the incentive effect,that is,the implementation of equity incentives by state-owned or non-state-owned high-tech enterprises can effectively stimulate the growth of high-tech enterprise performance,and there is no significant difference in overall,but for the overall listed company,the nature of property rights affected the implementation of equity incentives.The innovations of this paper:1.Today's high-tech enterprises in China are crucial to China's adjustment of economic structure and optimal allocation of elements.This article will focus on high-tech enterprises,and provide some reference for the stable and sustainable development of high-tech enterprises and the improvement of performance.2.This paper studies whether there is a significant difference in the impact of equity incentives on the overall listed companies with different property rights and the performance of high-tech companies.It has reference significance for state-owned listed companies to optimize their shareholding structure and improve business performance.