Non-executives Equity Incentive And Innovation Output

As the international development becomes more and more fierce and China's economy gets into the new normal situation,how to promote innovation of Chinese enterprises,has become a focus of enterprises and the academic community.Hightech enterprises which in a need of knowledge,technology and talent intensive are the most important carriers of innovation activities,and take pursuing innovation as core business.Undoubtedly,innovation in high-tech enterprises has become more and more important.The traditional salary system can not motivate non-executive staff to take risks and active innovation,but as a new incentive mechanism,can equity incentive promote the innovation of non-executive staff? Based on the incentive theory and institutional economics theory,this article fully considers the characteristics of the listed high-tech enterprises and non-executive staff,uses data of listed high-tech enterprises which implement non-executives equity incentive from 2009 to 2015,investigates the relationship between non-executives equity incentive and innovation output,and draws the following conclusion: in high-tech companies,there is a significant positive correlation between non-executives equity incentive and innovation output.The positive correlation is more significant in the non-state-owned enterprises and small enterprises.The existing research mainly explores the impact of equity incentive on corporate performance.Therefore,this paper has certain theoretical and practical significance.