The Research On The Relationship Between Senior Mangers' Incentive Mechanism And Growth Of The High-tech Enterprises

As the development of capital market, high-tech enterprises have been attracting more and more attention. High-tech enterprises play a more and more important role since they are the main carriers in the era of knowledge economy. The cause of the development of high-tech enterprises is knowledge innovation,technology innovation and management innovation. Executives who hold the knowledge of innovation are the main body and valuable human resources in these enterprises. So how to organize these Senior Mangers and trigger their potential, how to build an effective methodology and system of human resource management, challenge the old incentive methodology and theory, also is a key to the survival and growth of high-tech enterprises. And the topic we choose has a theoretical and practical meaning.The study targets the relationship between the Senior Mangers' incentive mechanism and growth of high-tech enterprises; we use ways of normative and empirical analysis to study the relationship dynamically.First, we analyze the effect of the incentive mechanism on the growth on the basis of the principal-agent theory, human capital theory, managerial motivation theory and enterprise growth theory. As a kind of heterogeneous human capital, the incentive mechanism of the Senior Mangers is supposed to differentiate. Besides, its scarcity, exclusion, and the role Senior Mangers play makes the managerial incentive mechanism is of importance to the growth of these enterprises and they have a direct relationship with each other.Second, after exploring the traditional incentive pay mechanism, equity incentives mechanism and stock options incentive mechanism, we analyze the situation and existing problems of Senior Mangers' incentive mechanism of high-tech enterprises.Finally, combined the characteristics of high-tech enterprises we try to get a finalindicator--indicator of high-tech growth based on the analysis of principalcomponent using financial ratios and corporate governance index. Then we do some researching on the incentive mechanism's effect to the growth in subsequent period, considering the hysteresis of the incentive effects. And we also provide some suggestions.Theoretically, research on senior mangers' incentive mechanism of high-tech enterprises based on microscopic angle, as well as growth evaluation system based on principal component analysis, will perfect and develop the high-tech enterprises theory, growth theory and incentive theory. Practically it will help make effective policies in order to promote the growth of the high-tech enterprises better.