Equity Incentive Of Core Technical Staff,Enterprise Innovation Efficiency And Enterprise Financial Performance

The report to the Party’s 20th National Congress clearly points out that science and technology are the primary productive forces,human resources are the primary resources,and innovation is the primary driving force.We need to fully implement the strategy of rejuvenating the country through science and education,the strategy of strengthening the country through human resources,and the strategy of innovation-driven development,open up new areas and new tracks for development,and constantly create new drivers and strengths for development.Innovation-driven is talent driven.The level of human resources technology will directly affect the innovation level of enterprises,and the core technical personnel with high innovation ability will become an important force to promote the growth of enterprises,industrial improvement and social progress.Compared with the management function of corporate executives’ investment in technological innovation projects,core technical personnel,as an important force in corporate innovation and R&D activities,can transform original research investment into technology and innovative products that can enhance the company’s strength and play a more critical role in corporate innovation.Therefore,the realization of enterprise technology innovation,more and more inseparable from skilled high-tech personnel.How to absorb and retain excellent technical personnel,enhance scientific and technological innovation,enhance the core competitiveness of the company has become a key topic of modern companies.Core technical personnel play a key role in the enterprise and are the developers and creators of the company’s innovative products.Therefore,for the company,positive and reasonable incentive policies are the most effective way to ensure that they can obtain reasonable benefits from the transformation of scientific and technological achievements,enhance innovation enthusiasm and improve the company’s innovation output.The incentive to the core technical personnel is the key to improve the technological innovation ability of enterprises.As a long-term incentive for enterprise personnel,the equity incentive policy can effectively ensure that the core technical personnel of the enterprise can obtain reasonable profits in the industrialization process of technological innovation achievements.By making the core technical personnel own the shares of the enterprise,the enterprise can attract more core technical personnel and put "golden handcuffs" on the core technical personnel to enhance their sense of belonging.To encourage them to pay more attention to the long-term value and development ability of enterprises while paying more attention to the short-term performance.By sharing the surplus profits of the enterprise,the innovation willingness and innovation efficiency of the core technical personnel are enhanced,so as to enhance the technological innovation and long-term development ability of the enterprise.The Measures for the Management of Equity Incentive of Listed Companies officially issued in July 2016 clearly defined core technical personnel as the object of equity incentive to promote enterprises to build a good innovation incentive mechanism and enhance core competence.This paper aims to explore the influencing mechanism between core technical staff equity incentive,innovation efficiency and corporate financial performance,establish the influencing mechanism between the three variables,and verify the mediating effect of innovation efficiency and the time lag of the transmission effect in the model.This paper selects the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2018 to make an empirical analysis on the data of equity incentive for core technical personnel,innovation efficiency and corporate financial performance.After data analysis and verification,the conclusions are as follows:(1)Equity incentive for core technical personnel can significantly improve corporate financial performance,and the impact has A lag;(2)Equity incentive for core technical personnel can significantly improve the innovation efficiency of enterprises;(3)The equity incentive of core technical personnel can improve the financial performance of enterprises by improving the innovation efficiency of enterprises and has a lag.The main content of this paper is to discuss the relationship between core technical staff equity incentive,innovation efficiency,and corporate financial performance as well as the interaction and influence mechanism.Based on the existing papers on the relationship between the three,the internal interaction and influence mechanism is analyzed,and the hypothesis is verified item by item by using appropriate empirical analysis.The innovation of this paper is to supplement the existing literature and build a specific model of the interaction mechanism among core technical personnel equity incentive,innovation efficiency and corporate financial performance,and find the intermediary effect of innovation efficiency in the process of improving corporate financial performance by core technical personnel equity incentive.It not only deepens and concretizes the research content of existing literatures,supplements the theoretical research framework and empirical analysis content of the three literatures,but also has certain practical significance: it provides a practical reference for enterprises to implement equity incentive for core technical personnel to improve innovation efficiency,and further improve the long-term financial performance of enterprises;Through the analysis of different industry enterprises,enterprises of different sizes,enterprises with different property rights after taking equity incentive policies produced different results,differentiated equity incentive ideas and schemes are provided.