Research On The Impact Of Equity Incentives On Innovation Performance Of High-Tech Enterprises

The report of the 20 th Party Congress proposed to accelerate the implementation of innovation-driven development strategy,strengthen the main position of enterprise science and technology innovation,and play a leading role in supporting science and technology-based backbone enterprises.Policy support makes high-tech enterprises pay more and more attention to the planning of their long-term development.As the key to the future survival and development of high-tech enterprises,the level of R&D and innovation is the first driving force to promote continuous progress and enhance the core competitiveness of enterprises,so the importance of innovation capability to high-tech enterprises is self-evident.However,due to the existence of principal-agent problem,the characteristics of high investment,high risk and slow benefit of innovation activities tend to make executives focus on short-term interests and lack of innovation motivation,which will be detrimental to the long-term development of enterprise technology innovation.As a long-term incentive,equity incentive can combine the long-term interests of employees with those of the enterprise,alleviate the principal-agent conflict,and improve the motivation of the incentive recipients to work and research and development,so that they can promote the long-term development of the enterprise through continuous innovation.The positive incentive effect brought by equity incentive makes more and more high-tech enterprises in China are keen to implement equity incentive plan and achieve good results.In this context,how to design a scientific incentive plan to enhance the innovation ability of enterprises and promote sustainable development gradually becomes the focus of hightech enterprises before implementing the incentive plan.This paper takes Jingsheng Electromechanical,a high-tech enterprise,as the research object.Firstly,we analyze the influence path of equity incentive on innovation performance of high-tech enterprises from the level of incentive object and internal control,then we select innovation performance evaluation indexes based on three stages of innovation: input,output and revenue generation,and further discuss the influence of equity incentive plan on innovation performance of Jingsheng Electromechanical by comparing and analyzing the changes of its innovation performance before and after the implementation of equity incentive.The effect of equity incentive plan on innovation performance of high-tech enterprises is further discussed.Finally,we conclude that the implementation of equity incentive has a positive impact on the innovation performance of high-tech enterprises,and there is a close relationship between the design of the program elements and the innovation performance of high-tech enterprises.Equity incentive can not only act directly on innovation performance through different incentive targets,but also can indirectly promote innovation performance improvement by influencing internal control mechanism,but the incentive effect lacks sustainability and needs to be further improved.This paper also gives some suggestions for improvement,hoping to provide reference and reference for other high-tech enterprises in China to implement incentive plans,so that they can better use equity incentives to improve corporate innovation performance and promote innovation-driven development of enterprises.