Public Capital Expenditure, Management Compensation Incentive And Technology Innovation In Strategic Industry

2014, our country raised the call “public entrepreneurship and innovation”. As an important subject of innovation in the economic development of the “new normal”, the strategic emerging industries play an important role in promoting industrial restructuring, activating vitality of the market and stimulating the economy growth. Since 2010, the state and enterprise levels have both carried out an attempt to stimulate technological innovation and efforts, and it has been paying off up to now. However, the international attention to technological innovation has also risen to unprecedented heights. In this international context, China wants to further enhance the international competitiveness of the national economy healthy and stable sustainable development, the transformation of economic development strategies, multi-angle multi-channel to explore various means to stimulate technological innovation, vigorously developing strategic emerging industry is necessary. Depth study of strategic emerging industries and the push hands of technical innovation, enhancing the industry itself to enhance the nation’s overall competitiveness of science and technology is very important.Currently researches on stimulating technological innovation are more abundant, laid the foundation for the study of technological innovation to enhance the performance of the method, however, due to the strategic emerging industries is "Chinese characteristics" of the product, although in recent years its research has increased, but the main focus on the macro or micro level of research, to combine the two, and to consider further study on the impact of multi-period has not yet caused widespread concern. Based on the previous studies on the sort of related concepts and theories of strategic emerging industries, public capital and management incentive compensation will be discussed, with the coordinates of the model and game theory under market economy conditions both for promoting technical innovation mechanism of action. Combined with the reality of the development of strategic emerging industries related to data and intuitively draw icons analysis, this paper proposes hypotheses based on theories above, empirical analyzing and drawing conclusions and recommendations.In this paper, we set the seven strategic emerging industries in the “decision” as the goal. After several rounds of screening, 330 listed companies’ relevant data during 2010-2014 have been picked up for the study, using quantitative analysis with a panel data model. In the empirical part, we consider in depth the impact of multi-stage data on current data, through multiple models to explore the public capital expenditure, the relationship between executive compensation incentives and technological innovation. Research shows that public capital expenditure can not only alone have a positive impact on technical innovation performance emerging industries of strategic enterprises, but also by the agency’s management incentive compensation positive impact on technological innovation. Enterprise management incentive compensation has an positive impact on technological innovation. Public capital expenditure and the management incentive compensation in different industries in different periods may have different effects on current technological innovation of enterprises. Finally, this paper proposes measures and recommendations based on empirical results and analysis.