| As an important indicator of a country’s comprehensive national strength,innovation has received wide attention.The report of the 18th National Congress of the Communist Party of China pointed out that innovation is a strategic support to improve social productivity and comprehensive national power,therefore,we must implement strategy of innovation-driven development in our country.As an individual in the national economy,enterprise primary concern is how to gain advantage in the competitive market.On the one hand,innovation can inject new vitality for the enterprise development,on the other hand,innovation can significantly improve enterprise competitiveness and achieve economic growth,thus makes business owners pay more attention to innovation.Innovation also has many disadvantages,it is time-consuming,money-consuming and high-risk,the negative impact of innovation makes most managers pursue short-term performance and ignore long-term returns.To solve the problem that the goals of the owner and the managers are inconsistent,the equity incentive has been created.By issuing a certain amount of equity to the enterprise managers,the interests of managers and owners are linked together,which makes managers increase investment in research and promotes development of enterprise.The influence of equity incentive on enterprise innovation is not constant,but will be affected by many factors,such as enterprise property,market level,incentive period and so on.To research the impact of equity incentives on enterprise innovation from different angles,make a more comprehensive analysis based on their relationship,the paper does research from the perspective of enterprise life cycle and achieves innovation.By regarding the companies which have implemented equity incentive in 2008-2014 as research object,using multiple regression analysis to research the data of 2011-2015,the study finds that the equity incentive has remarkable positive effect to innovation.According to the holdings of the largest shareholder,the samples are divided into low and high.The result shows that the enterprises with higher ownership concentration are better than the enterprises with lower ownership concentration in the influence of equity incentive on innovation.Finally,based on the theory of enterprise life cycle,the samples are divided into introduction period,growth period,mature period,phase out period and decline period.Because the size of sample of growth period and maturity period is more and the rest of the sample’s size is less,this paper only analyses the sample of growth period and maturity period.Being different from existing research of perspective of enterprise life cycle think that the relationship of enterprise management equity incentive and innovation in growth period is positively "U" type curve,in mature period is negative linear correlation and in decline period is positive linear correlation.This paper argues that enterprises management equity incentive in growth period and mature period have a positive impact on innovation,it’s just that the influence of enterprise management equity incentive on innovation in growth period is significant,but the influence of enterprise management equity incentive on innovation in mature period is not significant.Based on above research conclusion,this paper argues that the government should increase more research funding and accelerate the national economy to transform.On the other hand,enterprises should also pay more attention to the independent innovation,combine their own characteristics with industry characteristics to establish a scientific and reasonable performance appraisal system,which ensures the accuracy and fairness of the implementation of equity incentive system.At the same time,enterprises should also make suitable equity incentive plan based on its own characteristics of equity concentration and stage of life cycle,which makes the promotion of management equity incentive to innovation maximized and achieves the sustainable development of enterprises. |
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