Research on the impact of equity incentive on innovation investment of state-owned enterprises:based on the background of mixed ownership reform
Based on the data of mixed reform state-owned enterprises in Shanghai and Shenzhen stock markets from 2014 to 2019,empirical analysis found that equity incentives for senior executives,core technology and business personnel have significantly improved the innovation investment level of state-owned enterprises.The research results show that:non-state-owned equity checks and balances have a dual regulatory effect on the impact of executive equity incentive on innovation investment,especially in local state-owned enterprises.The impact of political promotion incentive on the relationship between equity incentive and innovation investment varies with the level of state-owned enterprises.In local mixed reform state-owned enterprises,it shows a positive regulatory effect,and in mixed reform central enterprises,it shows a negative regulatory effect.This study provides evidence that executive equity incentive affects enterprise innovation through corporate governance channels.
equity incentiveinnovation inputmixed ownership reformnon-state-owned equity checks and balancescorporate governance
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