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| Research on the Impact of Technical Directors and Equity Incentives on Enterprise Innovation Efficiency |
| Ma Lili ,Liao Jingwen,Chen Rongxiu |
| (School of Economics and Management, Wuhan University, Wuhan 430072, China) |
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Abstract With the advent of the era of knowledge economy, innovation has become more and more important in corporate management.Directors, supervisors and senior management teams have an important influence on the direction, organization and implementation of corporate innovation strategies, and their influence on corporate innovation has become necessary and urgent.This paper takes the listed companies in Shanghai and Shenzhen stock markets from 2012 to 2017 as the research object, the DEA-Tobit two-stage model is used to analyze the proportion of corporate technology directors and equity incentives (divided into executive equity incentives and core employees).The impact of two dimensions of equity incentives on the efficiency of technological innovation of listed companies in China.The results show that the higher the proportion of technical directors of the company, the higher the efficiency of technological innovation of listed companies; the higher the proportion of equity incentives for core employees, the higher the efficiency of technological innovation of listed companies; there is no significant connection between the company's technological innovation efficiency.The conclusions of this paper can provide reference value for the construction of the board of directors of our company and the construction of the corresponding equity incentive system.
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Received: 11 January 2020
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