Research On Optimal Incentive Model And Empirical Study Of Government Leading Enterprises To Invest In R&D Based On Principal-Agent Theory

Nowadays, global competitions are more focused on economic and scientific strength. Research and development is becoming more crucial and decisive than other factors affecting the contribution of creative country day by day, and enough scientific input is a necessary requisite to improving the innovative capability of the country and prompting the development of economics and society. Among scientific input of the whole society, government financial scientific input plays a leading role with enterprise R&D input as the main part. Therefore, as an important issue in management research, the effect and excitation mechanism that government improves scientific input to enterprises could be discussed by building an optimal excitation model and solving it to increase society scientific input.There are three main parts in this paper. Firstly, time lag factor and rate factor of return for research is brought in the effect analysis of government scientific input to enterprise research output and the influence of sorts of factors to enterprise R&D input is analyzed and studied by using the data of Shandong. Secondly, based on principal-agent theory framework, excitation model of government scientific input to enterprise is built and solved under 4 different conditions to get corresponding optimal incentive contracts with a demonstration combined with the scientific system of Shandong province. Thirdly, there are 5 suggestions according to the result of the model.According to the analysis in this paper, there are two conclusions: one is that it is leverage effect to enterprise R&D output made by directly scientific financial aid from government to enterprise and research input from government to higher schools and scientific input from government to research institutions couldn't be sure to influence enterprise R&D output yet besides good scientific environment could improve the return rate of whole scientific research ,which encourages enterprises to increase R&D input, after analyzing the effect of government scientific input to enterprise R&D output with 2-year lag time of government scientific input of Shandong Province. The other is that by means of the effect mechanism of principal-agent theory to the effect of government scientific input to enterprise R&D output, it shows that incentive contract should use preliminary complement and reduce the balance between risks enterprises bear and benefits with symmetric information otherwise enterprises should bear some risk with information asymmetry moreover incentive contract could be further optimized if a visible variable relevant to industry is introduced in the model. According to scientific input to special equipment manufactures of Shandong, strength of government scientific input has to be further improved.It could enrich management theory and methods that the excitation model and approach to solving incentive contract of government scientific input to enterprise R&D output in this paper, which has theoretical innovative significance. Results of demonstration for encouragement of Shandong government for enterprise to increase scientific input which has more using value could help relevant scientific and industrial management department to make decisions.