Research On The Impact Of Equity Incentive On The Innovation Performance Of Semiconductor Equipment Enterprises

With the booming development of artificial intelligence,5G communication,new energy vehicles and other industries,the semiconductor equipment industry has ushered in a new cycle of growth.Due to the late start of the semiconductor equipment industry and the lack of technology accumulation,there is still a gap in competitiveness in core areas with foreign countries.Especially in recent years,the competition in science and technology among great powers has become increasingly fierce,and western countries led by the United States have implemented the strategy of "precise decoupling" in China’s semiconductor equipment industry.Therefore,domestic semiconductor equipment enterprises urgently need to improve their scientific and technological innovation ability and find a new road of localization.In recent years,more and more semiconductor equipment enterprises have launched single-period or multi-period equity incentive schemes,aiming at attracting talents,stimulating the enthusiasm of employees and improving the comprehensive innovation level.This paper draws on the theoretical research results and practical exploration experience of equity incentive and innovation performance at home and abroad,and follows the research idea of "theoretical basis--case analysis--experience summary".Guided by the theories of principal-agent,incentive and innovation,this paper takes Naura,the leading enterprise of integrated circuit process equipment in China,as the case analysis object.Based on the analysis of the development of semiconductor equipment industry and the current situation of equity incentive,this paper conducts indepth analysis and systematic exploration of Naura’s equity incentive implementation plan and characteristics,overall and specific influence,and influence path,and then puts forward the optimization plan of Naura’s equity incentive from the aspects of formulating reasonable exercise conditions and improving individual performance assessment.Based on the case study,the main conclusions of this paper are as follows:(1)Equity incentives have a positive impact on corporate innovation performance,which is manifested in the continuous increase in R & D funds and R & D personnel input,a significant increase in the number of patent applications,a steady increase in operating income and a certain delay effect.(2)The equity incentive of semiconductor equipment enterprises affects their innovation performance mainly through the following three ways: first,the equity incentive can improve the level of risk taking of senior executives and encourage them to increase R&D and innovation investment;Second,after motivating core technical personnel,their R&D efficiency is improved and more innovative results are produced.Third,equity incentive can adjust the agency relationship between management backbone and shareholders,reduce agency costs,and promote the transformation of innovation achievements into economic benefits.(3)The optimization of equity incentive plans of Naura and other semiconductor equipment enterprises aiming to improve their innovation performance and further enhance their long-term economic and social benefits should focus on the reasonable determination of equity incentive object scope,scientific development of exercise conditions,improvement of performance appraisal system and other aspects.