Core Employee Equity Incentive to Improve Innovation Output:From Innovation Input or Innovation Efficiency
Innovation is the key factor for enterprises to gain competitive advantage,and core employees are the main participants in enterprise innovation activities.Based on the data of Shanghai and Shenzhen A-share listed companies,this paper investigates the impact of core employee equity incentive on innovation by using the difference-difference mod-el after year-by-year propensity score matching.The results show that:Core employee equity incentive can improve in-novation output,and its effect on innovation output is mainly reflected in the improvement of innovation quality rather than the improvement of innovation quantity.When the company is a high-tech enterprise,the stronger the innovation consciousness of the province,the weaker the market competition degree of the industry,and the higher the marketization index of the province,the stronger the role of core employee equity incentive on the improvement of innovation output.Only when the target range of core employee equity incentive is appropriate,can core employee equity incentive improve innovation output.Core employee equity incentive can improve innovation efficiency,increase the stability of employees,increase the proportion of R&D personnel,increase the proportion of personnel with master's degree or above,reduce the agency cost at the non-executive level,and thus improve innovation output.
万方数据
维普
