Do Equity Incentives Promote Enterprise Innovation? ———From the Perspective of the Heterogeneity of Incentive Objects and Incentive Models
Wu Weihong et al．
Abstract:
From the perspective of heterogeneity of incentive object and incentive model，this paper takes listed high－tech enterprises from 2010 to 2020 as samples to explore the action mechanism and incentive effect of equity incentive on enterprise innovation． The results show that executive equity incentive can increase the power of management and make them more motivated to pursue personal interests，which has a negative impact on innovation output，while core employee equity incentive can promote enterprise innovation output． Based on the joint action of the two，the relationship between equity incentive and innovation output is non－linear，which shows that with the increase of the proportion of executive equity incentive，the level of enterprise innovation output shows a trend of first rising and then decreasing． Compared with stock options，restricted stock model has a better innovation incentive effect，and the innovation incentive effect of the combination model has an inflection point． When the number of restricted stock incentives is greater than 0. 59，the combination model exerts a positive incentive effect． The mechanism analysis shows that executive equity incentive affects innovation output through Ｒ＆D input，while core employee equity incentive affects innovation output through Ｒ＆D input transformation． The situational factor of management risk preference positively moderates the effect of equity incentive on promoting innovation output．
Key Words: Enterprise Innovation; Equity Incentive Object; Equity Incentive Model; Management Ｒisk Preference