Statistical Research On The Effect Of Stock Incentive On The Innovation Of High-tech Enterprises

With the iterative development of the market economy and science and technology,my country has entered the stage of innovation-driven development.Innovation has become a powerful tool to promote the development of the national economy and the core of strengthening the market competitiveness of enterprises.Innovation activities are high-risk and capital-intensive activities that require long-term investment in materials and manpower.Under the governance background of the separation of powers,most of the company’s management will focus on maximizing personal interests,reduce high-risk investment activities,and reduce innovation.Insufficient enthusiasm for the project.Therefore,more and more enterprises hope to alleviate this agency conflict problem through equity incentives,improve the level of enterprise innovation and promote the continuous development of enterprises,but whether this measure can really promote enterprise innovation and what is the internal mechanism is what this thesis focuses on.Based on the enterprise data of Haidian Science and Technology Park in Zhongguancun from 2015 to 2019,this thesis uses the double difference model to empirically study the impact and mechanism of equity incentives on enterprise innovation.The research results show that: on the whole,the implementation of equity incentives can significantly improve corporate innovation,and this conclusion still holds after a series of robustness tests;from the perspective of equity incentives,the use of equity sales and restricted stocks can significantly improve the quality of corporate innovation.The improvement effect is the most significant;from the perspective of incentive penetration,the more employees covered by equity incentives and the greater the proportion of equity used for incentives,the more conducive to improving the quality of enterprise innovation.The optimization of human capital structure is a key mechanism for equity incentives to promote enterprise innovation,which is mainly reflected in the ability to alleviate brain drain,increase investment in R&D personnel,and increase the proportion of senior talents.Further heterogeneity analysis finds that the implementation of equity incentives by enterprises and non-state-owned enterprises during the recession period has a more significant effect on improving the quality of innovation,and owners’ equity plays a positive role in the process of equity incentives improving corporate innovation.This thesis enriches the micro-evidence of the impact of equity incentives on corporate innovation and its intermediate mechanism,and provides a reference for better adopting equity incentives to enhance corporate innovation.