Abstract: Under the background of China′s economic transition from high-speed growth to high-quality development, technology capital has become an important factor that affecting national economic growth and corporate innovation performance. As an arrangement of corporate governance mechanism, equity incentive plan has an important impact on the investment of technological capital and the maximization of enterprise value. This paper takes the listed companies in Shanghai and Shenzhen in 2008-2014 as research samples, and uses the propensity score matching method (PSM) to investigate the impact of equity incentives on listed company′s technology capital investment. The results show that the implementation of the equity incentive plan can promote the technology capital investment of listed companies as a whole, and the sensitivity of technology capital investment of non-state-owned enterprises to equity incentive is significantly higher than that of state-owned enterprises; equity incentives can alleviate the agency conflicts of non-state-owned enterprises and promote the increase of technology capital investment of non-state-owned enterprises,however, equity incentives only have a significant role in promoting technological capital investment in eastern China and medium-sized enterprises.

Key words: equity incentive, technology capital investment, agency conflict, propensity score matching