Technology Spillover,Equity Incentives On Total Productivity Of Military Enterprises Study On The Impact Of Factor Productivity

In China’s economic growth rate development is slowing down,with a large number of factors to promote the development of the crude economic model has not adapted to the background of the new economic environment,economic development is gradually shifting from speed growth to quality development.Two ten reports pointed out that China needs to supply-side reform as the main line,to promote the quality of economic development,efficiency reform,and focus on improving total factor productivity.Defense science and technology industry as the country’s strategic industries,is an important carrier to help promote economic reform and development,the realization of manufacturing power strategy,military-civilian integration strategy,the need to continuously improve total factor productivity.This requires the military industry as the main body of the defense science and technology industry enterprises need to give full play to their technology,capital,talent and other factors of advantage to continue to develop innovation and promote technological progress.However,due to the prevalence of technology externality,the innovation development of military enterprises will inevitably be affected by the technology spillover effect,which in turn affects the total factor productivity.With the continuous reform of military enterprises and the implementation of modern enterprise management system,equity incentive,which is a long-term incentive mechanism to alleviate the problem of principal-agent,stimulate employees’ enthusiasm for innovation and ultimately affect the total factor productivity of enterprises,is gradually promoted and accepted by military enterprises.Based on this,this paper studies the impact of technology spillover and equity incentive on the total factor productivity of military enterprises.This paper adopts the data of A-share listed military enterprises from 2011 to 2020 as the sample,and empirically investigates the impact of technology spillover and equity incentive plan implementation on total factor productivity of listed military enterprises by establishing multiple regression model,mediating effect model and moderating effect model;and analyzes the transmission mechanism of the impact of equity incentive on total factor productivity with technological innovation as the mediating factor;in addition,further conducts In addition,the moderating effect test was conducted to explore the influence of equity incentives on the relationship between technology spillover and total factor productivity of military enterprises.The results of the empirical study show that:(1)the relationship between technology spillover and total factor productivity of military enterprises shows a positive U-shaped nonlinear relationship,i.e.,as the level of technology spillover of military enterprises increases,its influence on total factor productivity gradually changes from negative to positive;(2)the effective implementation of equity incentive plan of military enterprises improves total factor productivity of enterprises,and increases with the increase of the intensity of the implementation of equity incentive;(3)the mediating mechanism is tested.;(3)the test of mediating mechanism finds that equity incentives partially improve total factor productivity through technological innovation;(4)from the test of moderating effect,equity incentives play the role of reinforcing influence between technology spillover and total factor productivity.Based on the findings,this paper proposes policy recommendations from three perspectives of technology spillover,equity incentives and technological innovation,such as encouraging enterprises to actively implement equity incentives and pay attention to the technology spillover effect,which in turn improves total factor productivity and is conducive to promoting high-quality economic development.The research results of this paper further expand and enrich the research on technology spillover and equity incentive,and have certain reference significance and value for enterprises to enhance their technological innovation capability and improve total factor productivity.