中文摘要：

针对高新企业股权激励和R＆D支出的关系问题进行了探讨。建立了涉及高新企业股权激励和R＆D支出的委托代理模型，求解得到了最优的R＆D支出额和最优股权激励比例组合。结合构成最优组合里的各参数的具体含义，探讨了它们对最优R＆D支出额和最优股权激励比例的影响。最后给出了主要的结论及相关建议。

英文摘要：

In this paper, the authors analyze the relationship between high -technology firm＇s stock incentives and R＆D expenditures and establish a simple contraet model including stock incentives and the firm＇s R＆D expenditures between shareholders and managers through analysis. The authors get the excellent combination through solving the model, and then analyze the influence of reference number to the excellent combination according to the factual meaning. Finally the authors draw main conclusion and provide some suggestions to improve high - technology firm＇s R＆D expenditures.