金融学院知识库

创新在国家经济稳定增长的过程中扮演着重要角色，同时也对企业能否提升核心竞争力产生重要影响。近年来，不管从政府部门投资方面或是税收政策方面，国家都在大力支持中小型民营企业的自主创新，并力求通过企业创新的提高，促进中国产业结构从传统单一的资源密集型转化为科技密集型产业。然而，我国企业的技术创新仍存在一些突出问题：满足于从国外引进先进技术，缺乏创新意识；技术创新经费投入不足；创新人才外流严重等。核心员工是创新能力的载体和企业增值的源动力，其积极性和创造性影响着企业的创新发展前景。股权激励作为一项长期激励政策，可以使核心员工的创新积极性得到充分调动，同时也能提升企业创新能力。

文章首先对股权激励与企业创新相关的基础概念与理论进行阐述；其次分析核心员工股权激励对企业创新影响的机理，并通过实证研究对二者的关系进行一般性检验；而后选取光迅科技作为案例研究对象，分析了光迅科技股权激励的动因和具体方案，并从创新投入、创新成果产出以及成果转化三方面分析核心员工股权激励对企业创新能否产生影响；最后通过实证分析以及案例研究得到文章的主要结论，并总结出对策和建议。

研究结果显示：股权激励与企业创新呈现正相关关系，借助股权激励制度的实施可以有效提升企业创新绩效；核心员工的股权激励机制与企业创新之间呈明显的正相关关系，对企业技术创新绩效的改善具有积极的促进作用，并且对核心员工的激励效应明显优于针对高管的激励；对不同产权性质企业进行的比较分析表明，在国有企业中实施核心员工股权激励计划对企业技术创新的激发效果更为明显；并且在企业进行核心员工股权激励计划时，实施限制性股票激励计划的效果往往会优于股票期权激励。由此本文提出，在股权激励计划的实施过程中，应当提高对核心员工的重视程度，并且对不同的激励对象因地制宜地选择激励方式。同时要针对企业自身情况设置科学合理的考核条件，使股权激励计划能真正发挥其积极作用，激励员工增强创新意愿，提升企业创新绩效。

Innovation plays an important role in the steady growth of national economy and also has an important impact on whether enterprises can improve their core competitiveness. In recent years, both in terms of funds and policies, the state has given strong support to enterprises' independent innovation, trying to transform them from a manufacturing power to a creative one by improving their innovation capacity. However, there are still some outstanding problems in technological innovation of Chinese enterprises:they are satisfied with the introduction of advanced technology from abroad and lack of innovation consciousness,and insufficient investment in technological innovation funds,or innovation brain drain is serious. Core employees are the carrier of innovation ability and the source power of enterprise value-added, and their enthusiasm and creativity affect the prospect of enterprise innovation development. Equity incentive, as a long-term incentive mechanism, can stimulate the innovation consciousness of core employees and promote the improvement of technological innovation ability of enterprises.

Firstly, this paper expounds the basic concepts and theories related to equity incentive and enterprise innovation. Secondly, the mechanism of the impact of core employee equity incentive on enterprise innovation is analyzed，and makes a general test of the relationship between the two through empirical research. Then select Guangxun Technology as the case study object, analyze the motivation and specific scheme of Guangxun technology equity incentive, and analyze the impact of core employee equity incentive on enterprise innovation from three aspects of innovation input, innovation output and innovation achievement transformation. Finally, based on empirical research and case analysis, conclusions are drawn and relevant suggestions are put forward.

The results show that there is a positive correlation between equity incentive and technological innovation, and equity incentive can promote enterprise innovation. There is a significant positive correlation between core employees' equity incentive and enterprise innovation, which can promote enterprise innovation performance. And the incentive effect of core employees is better than that of senior executives' equity incentive. Compared with non-state-owned enterprises, it is found that the implementation of core employee equity incentive in state-owned enterprises has a more significant incentive effect on enterprise innovation.In the equity incentive for core employees, the effect of restricted stock incentive is usually better than stock option incentive. Therefore,this paper argues that in the process of formulating equity incentive plans, we should pay more attention to core employees,and choose different incentive modes according to the different incentive objects. At the same time, we should set up scientific and reasonable assessment conditions according to the enterprise's own situation, so that the equity incentive plan can really play its positive role, encourage employees to improve the awareness of innovation, and enhance the innovation ability of the enterprise.