Research On The Influence Of Equity Incentive On Innovation Performance Of Intelligent Industry

Since the beginning of the 13th five-year plan,innovation has clearly become the core goal of national development.The 2019 government work report of the state council calls for promoting high-quality development of enterprises and enhancing their technological innovation capabilities.Under the background of innovation-driven.innovation ability is the talisman of enterprises,and the level of innovation ability depends on the intensity of enterprises’ R&D investment.As the decision-maker of enterprise management,senior managers determine the proportion of investment in innovation research and development.For there are some problems of R&D project,such as cycle length,high risk and consuming a lot of money,and the income of executives pegged to the enterprise current earnings,in order to protect their own interests,senior executives seek advantages and avoid disadvantages when making investment decisions.They usually choose cycle is short,low risk of investment project,so the innovation often gets to the management of investment,lack of R&D performance.Business owners pursue the overall profit maximization,hope to maintain long-term competitive advantage,in order to reduce caused by shareholders do not agree with the interests of the executives of enterprise R&D,business owners can choose implement shareholding incentive for executives,measure the executives’performance in the company’s share price,the senior managers were correlated with the interests of the shareholders.Both have the same risk preference,which can promote enterprises to invest more capital and resources in R&D and innovation,upgrade the core technologies of enterprises,and improve the innovation performance of enterprises.On the basis of referring to the research results of relevant literature,according to the principal-agent theory,incentive theory,human capital theory and innovation theory,conducting a study on the following two aspects:one is the executive equity incentive and the influence of the enterprise innovation performance research,second is studying the mediating effect between senior executives’ equity incentive and enterprise innovation performance when enterprise R&D investment is taken as the intermediate variable.In this paper,normative theory is used for qualitative analysis,then the paper puts forward the corresponding research hypothesis on the relationship between equity incentive and enterprise innovation performance.Using the actual testing research method,selecting all the relevant data of artificial intelligence enterprises from 2013 to 2018 to do quantitative analysis.To explore the influence of senior executives’ equity incentive on enterprise innovation performance under the intermediary transmission of R&D investment.The analysis of the results are as follows:first,the executive equity incentive and the enterprise innovation performance show significant positive correlation,when the proportion of executives rise significantly promoting the improvement of the enterprise innovation performance;Second,when the equity incentive system for senior executives is implemented,the R&D investment of enterprises is significantly increased.When senior executives are given equity incentive,they will choose to increase the R&D investment for the consideration of the long-term development of enterprises.Thirdly,when the proportion of enterprise R&D investment increases,it will bring significant positive impact on enterprise innovation performance.Fourth,combined with the above three conclusions,senior executives will choose to increase the R&D investment of enterprises when they are stimulated by equity,thus improving the innovation performance of enterprises.R&D investment,as the intermediary variable of enterprises,plays a role of intermediary bridge in the influence of senior executives’ equity incentive on innovation performance.As different types of enterprises have different levels of development,they also have different requirements for innovation ability.when studying the relationship between executive equity incentive and enterprise innovation performance,this article selected the rapid development of artificial intelligence enterprises in recent years to carry out the research,so as to make the research results more targeted.In addition,enterprise R&D investment is taken as an intermediary variable and its influence path is studied to enrich the existing research on enterprise R&D investment.It also provides theoretical support and reference for artificial intelligence enterprises to make development plans in the future,and helps artificial intelligence enterprises to develop reasonable and effective executive incentive system according to their own situations.