부산대학교 도서관

This study investigated the effects of high-tech firms, and incentive-related activities on the financial performance and technological innovation of 2,517 Chinese listed firms on Shanghai and Shenzhen Stock Exchanges. Moreover, this study used 21,277 firm-year panel data, extracted from a merged data set of the RESSET database and the CSMAR database. In particular, this study used an FEM, selection as the best-fit model over other popular regression models, such as REM and OLS, through a model selection process such as LM and Hausman tests. First, equity incentives of technician employees positively affect technological innovation in the short and long run. Second, management shareholding has a positive effect on technological innovation in the short run, but not in the long run. Third, equity incentives of technician employees have a negative effect on performance in the short and long run. Fourth, management shareholding has a positive effect on performance in the short run and within 3 years.