A Research On The Relationship Among Equity Incentive, Enterprise Innovation And Enterprise Financial Performance

The rapid development of next-generation information technologies such as the Internet,cloud computing,and big data has made mature industries and emerging industries face new technological revolutions and business model innovations.The innovation structure of enterprises has also shifted from“element-driven” to“innovation-driven”.The 19 th CPC National Congress puts scientific and technological innovation at the overall height of national strategic development.Enterprises need to achieve independent sustainable development through independent innovation.This is particularly important for listed companies on the GEM.At the same time,there are serious principal-agent problems in the innovation activities of enterprises.Agents have more say in innovation activities,which will affect the continuous investment and implementation of innovation,and then affect the financial performance of enterprises.Therefore,the equity incentive of corporate agents has an important impact on the continuous innovation activities of the enterprise,and is ultimately reflected by the financial performance of the enterprise.Based on the theoretical research and practical exploration results of domestic and foreign equity incentives,corporate innovation and corporate financial performance,this paper uses the principal-agent theory as a guide to select 70 companies from mature industries,60 Relevant data of companies belonging to emerging industries from 2014 to 2017 are divided into mature industries and emerging industries,this period and the lagging period,etc.,to conduct empirical analysis and verify the relationship between equity incentives,corporate innovation and corporate financial performance.Assumptions made.The main conclusions of this paper are:(1)There is a serious problem of principal-agent in the innovation activities of enterprises,because innovation is a coexistence of risks and benefits.Enterprise innovation requires a large amount of research and development costs,and the results of innovation have no Certainty;(2)Among China’s GEM listed companies,the shareholding of senior executives in listed companies in emerging industries is higher than the average shareholding of listed companies in mature industries;the innovation output of listed companies in emerging industries is generally lower than that in mature industries The company’s financial performance has declined to a certain extent in different industry scenarios during the observation period;(3)Whether it is listed companies in mature industries or listed companies in emerging industries,equity incentive It has a positive impact on corporate financial performance and has a certain lag effect.Among them,the equity incentives of listed companies in mature industries have a more significant impact on corporate financial performance,and the effect is stronger;(4)Under different industry scenarios,equityincentives have a positive effect on corporate innovation.The impact of corporate equity incentives on corporate innovation is greater than the impact of listed companies in emerging industries;(5)Corporate innovation is an intermediary variable between equity incentives and corporate financial performance.Although equity incentives can have a direct impact on corporate financial performance,equity incentives can also indirectly promote the improvement of corporate financial performance through corporate innovation.Among listed companies in mature industries,the intermediary effect of corporate innovation between equity incentives and corporate financial performance is more significant;(6)Enterprises should focus on optimizing equity incentive mechanisms and enhancing corporate innovation momentum;government departments should do a good job at a macro level Work to improve the equity incentive policy system and create a good environment for innovation.