Research Based On The Effects Of Enterprise Behavior And Managerial Equity Incentives On R&D Investment

Under the highly increasing trend of global production elements flow, technology innovation plays a key role in the survival and development of the enterprise. Based on this, the government puts forward quality transformation to the traditional industry, and upgrades the industries to strengthen the degree of enterprise technology innovation mainly through the guide and encouragement measures. With the perspectives of enterprise behavior theory and management incentive, this paper analyses the impact of corporate R&D behaviors to explore the decision-making mechanism of enterprise technical innovation activities.To consider the interaction effects of corporate behavior and the management incentives on R&D investment, this paper analyzes the relationship between corporate behavior variables and R&D investment, between management incentives and R&D investment based on extant theory. Then11corresponding research hypotheses are proposed, and the database of581listed companies of manufacturing industry from2008to2012is analyzed in the terms of normalization steps of econometric analysis model under the Eviews6.0environment. The empirical results verify most of the proposed hypothesis:corporate behavior theories and management incentives have effects on the R&D investment respectively; the interaction terms affect R&D investment levels of the enterprise. Therefore, the starting point of this study is effectively demonstrated, and relevant policy recommendations are put forward from the perspective of the government and enterprises.