Research On The Effect Of Equity Incentive On Technological Innovation Performance

Innovation is the first driving force leading economic development and the necessary condition for the sustainable development of enterprises,while the characteristics of high risk,high uncertainty and long period of innovation require enterprises to establish long-term incentive mechanism.In modern enterprises,the separation of power,principal-agent problem is inevitable,in the aspect of technological innovation,shareholders pay attention to the maximization of long-term interests of enterprises,and the characteristics of high profitability of technological innovation make shareholders hold a positive attitude towards technological innovation activities.Therefore,it is very important to ensure that the objectives of shareholders,managers and core technicians are consistent to promote the development of technological innovation activities,and equity incentive is a way to solve this problem.Based on the above background,this paper takes innovation theory and incentive theory as the starting point,first combs the characteristics of enterprise innovation and the role of equity incentive on technological innovation through literature review;secondly,theoretically demonstrates the influence of equity incentive on technological innovation efficiency,and on this basis,respectively demonstrates the influence of different types of equity incentive and equity incentive on technological innovation,and puts forward theoretical assumptions;select the A listed companies from 2007 to 2018 as the research sample,group the samples according to the incentive type,incentive object,on the basis of comprehensive consideration of enterprise size,asset-liability ratio and equity concentration,using statistical analysis and other methods to test the theoretical assumptions,draw the following conclusions:(1)Equity incentives help to boost technological innovation investment in enterprises.In the group study of equity incentive types,it is found that because the holder of stock option has the option to exercise right,it has a way to avoid loss,while the restricted stock has a certain punitive incentive mode,and compared with the lower exercise cost of restricted stock,ontechnological innovation performance is more significant.(2)Equity incentive does not significantly promote the output of technological innovation,or even has a negative effect,that is,equity incentive does not significantly promote the innovation output measured by the number of patent applications as the proxy variable.