Research On The Impact Of High-tech Listed Companies' Executive Stock Incentives On Enterprise Technological Innovation

With the continuous development of the global economy,innovation has gradually become a symbol of the level of economic development in various countries.China's economic growth is turning from factor driven to innovation driven.Technological innovation has become an important pillar of the core competitiveness of enterprises,and R & D intensity is an important embodiment of enterprise technological innovation.In recent years,with the emphasis on innovation,China's enterprises are gradually changing However,compared with the developed countries such as the United States,Japan and South Korea,there are still some gaps.Therefore,it is urgent to strengthen enterprise R & D and promote technological innovation.Equity incentive has become an important management method and incentive system to promote technological innovation of enterprises.It opens a new way to solve the problem of insufficient R & D investment in China's enterprises.As the decision makers o f R & D decisions are basically concentrated in the management,t he principal-agent problem leads to some managers to avoid risky R & D activities,thus inhibiting the R & D investment of enterprises Activities.This paper chooses high-tech listed companies with innovation and development as the research object,and discusses the impact of executive equity incentive intensity on technological innovation of enterprises.Through the analysis of the current situation of high-tech listed companies' executive equity incentive,R & D investment and patent application,it is found that in recent years,with the increa se of total assets of high-tech listed companies,the intensity of equity incentive has decreased year by year,and the research investment has increased year by year.On the basis of the current research situation,this paper takes the principal-agent theory,human capital theory,incentive theory,management rent-seeking theory and technology innovation theory as the theoretical basis,selects the latest data in recent years to deeply explore how executive equity incentive affects R & D input and R & D output,and puts forward research hypotheses to provide theoretical support for the following empirical research.In the empirical part,high-tech listed companies in China's A-share market from 2015 to 2018 are selected By using descriptive statistical analysis,t test,correlation analysis and regress ion analysis,this paper empirically tests the correlation between executive equity incentive and technological innovation,verifies whether equity incentive can promote technological innovation by comparing before and after,and then verifies the effect of equity incentive intensity through regression analysis.The empirical results show that: compared with the companies with out equity incentive,the innovation input and output of high-tech listed companies with equity incentive are significantly improved.Th e relationship between equity incentive intensity and R & D investment is inverted U-shaped,and there is a significant positive correlation between equity incentive intensity and R & D output.The results show that the impact of executive equity incentive on technological innovation of hightech listed companies is different.In term s of R & D investment of technological innovation,the relationship between executive equity incentive intensity and R & D investment is inverted U-shaped;when executive equity incentive intensity is small,it is positively correlated with R & D investment.With t he peak value of executive equity incentive intensity,equity incentive intensity is negatively correlated with R & D investment.In terms of R & D output of technological innovation,executive equity incentive intensity has a linear positive correlation with it.With the increase of executive equity incentive intensity,R & D output in creases.Finally,based on the above analysis,this paper puts forward countermeasures and suggestions from the perspective of optimizing the design and implementation of equity incentive scheme,so as to effectively promote the technological innovation of enterprises from the whole process of technological innovation,effectively enhance the competitiveness of technological innovation of enterprises,and realize the sustainable development of enterprises.