Research On The Impact Of Equity Incentive On Innovation Performance Of Gem Listed Companies

Under the innovation-driven development strategy,enterprise innovation plays an important strategic role in improving social productivity and enhancing comprehensive national strength,and is the strategic support for building a modernized economic system.Gem,as a platform to support the economic development of small and medium-sized companies with technological growth and emerging companies,has a higher demand for innovation ability,which to some extent represents the overall innovation and development ability and level of our country.People are the main body of innovation activities,which are often initiated by managers and implemented by researchers.As the innovation process takes a long time,the input cost is high,and the risk of failure is high,and the shareholders and the management have different degrees of access to information,the agency problem is prominent,which may lead to the short-sightedness of the management or the consideration of their own career development,so the management may be more willing to engage in risk avoidance activities.However,it is difficult for researchers to fully mobilize their enthusiasm in innovation activities due to lack of incentive and free riding in team collaboration.Therefore,how to motivate talents has become a particularly important issue for gem listed companies to improve their innovation level.Equity incentive can help employees to participate in corporate decision-making,profit sharing and risk taking as shareholders by giving them certain company equity,which is a long-term effective means to alleviate principal-agent problems of enterprises and plays a positive role in improving corporate governance structure,reducing agency costs and enhancing market competitiveness.Thesis reviews and reviews the existing domestic and foreign literature on equity incentive and enterprise innovation performance.Using the theory of human capital,incentive theory,principal-agent theory,innovation theory,the dual tend to score matching method is used to solve the problem of sample of endogenous,matching good samples can be divided into not the implementation of equity incentive and the implementation of equity incentive in the two groups,using the double difference method,rule out other policy interference,to determine whether before and after the implementation of equity incentive policy influence the innovation performance of the enterprise.The empirical results show that equity incentive can significantly improve the innovation performance of gem listed companies.Secondly,by expanding the target of equity incentive,it is found that the innovation performance of core employees is significantly improved than that of senior executives by strengthening the implementation of equity incentive,and restricted stock incentive mode is superior to stock options.Finally,the heterogeneity analysis is made on the characteristics of innovation types and enterprise factor density of gem listed companies.The research shows that the impact of equity incentive on innovation performance of gem listed companies is more reflected in the promotion of radical innovation.Compared with labor-intensive enterprises,equity incentive has a better effect on enterprise innovation in capital-intensive and technology-intensive enterprises.Finally,the whole theory and empirical analysis are summarized,and the corresponding countermeasures and suggestions are put forward.Meanwhile,the deficiencies in the research are explained and the future research is prospected.The innovation of this paper is mainly reflected in the following two aspects: First,in terms of the object of equity incentive,most of the existing studies focus on equity incentive for senior executives at the decision-making level,ignoring the role value of core employees.Especially for gem,the executive layer is the driving force of enterprise innovation.Therefore,this study focuses on the incentive effect of core employees,including core employees and senior executives into a unified research system to analyze the economic effect of equity incentive of listed companies on gem,and improves the research system of equity incentive on GEM.Secondly,it expands the research perspective of equity incentive on GEM,introduces enterprise factor density and enterprise innovation type,and analyzes the influence mechanism of equity incentive on enterprise innovation performance under different enterprise factor density and enterprise innovation type.In practice,it provides a new perspective for gem to enhance enterprise innovation ability and performance level.There are eight figures,eighteen tables and one hundred and twelve references in this thesis.There are 8 figures,18 tables and 114 references in thesis.