Empirical Study on Equity Incentive of Core Employees, Enterprise Innovation and Financial Performance-Based on Big Data of GEM Listed Companies

In the new era of high-quality economy, it is very important for the development of enterprises to encourage core employees to improve innovation output efficiency and then improve financial performance. Using the relevant big data of GEM listed companies from 2015 to 2020 with Stata 16.0 and multiple regression method, this paper focuses on the intermediary effect of enterprise innovation in the transmission process of “core employee equity incentive - enterprise innovation - financial performance”. It is found that enterprise innovation plays an intermediary role between equity incentive of core employees and financial performance; moreover, the way of granting restricted shares, the characteristics of high-tech industries and the nature of non-state-owned property rights make the intermediary role of enterprise innovation more significant.