The Management Incentive,the Management Features And R&D Performance

In the process of China’s reform and opening up,the manufacturing industry has been continued to expanding production through the introduction of foreign technology combining with its own characteristics to gradually squeeze into the team of world manufacturing powers. With the further development of economy,Extensive development model exposed a series of problems: high cost,high consumption of resources and serious environmental pollution. The above problems forces China to transform from Extensive development model into Intensive development model. In order to establish Intensive development model,the research and innovation on technology is the most important issue for our government and enterprises.In the process of transition from planned economy to market economy,our country formed a client-agency relationship in various fields,in this case,enterprise managers has realized the risk of R&D investment,so they tend to adopt "rational choice" to reduce the R & D activities. On the contrary,the client wants managers to increase R & D activities to ensure the sustainable development of enterprise. In this paper,we will investigate the effect of manager’s behaviors on the increasing of R&D activities and the improving of R&D performance.This paper takes the database about China Listed Manufacturing Company: small and medium-sized enterprises(SMEs),Growth Enterprise as samples(during 2011 to 2013), takes the effect of R & D intensity to the enterprise value as the index of measuring R & D performance,takes compensation incentive and equity incentive as the external factors affecting the behavior of the managers,age,educational level and term as the internal factors. Finally studies the comprehensive impacts of external and internal factors on R & D performance.This paper proposes hypothesis and draws conclusions,according to the domestic and international theories and the multivariate linear regression analysis through dealing with the sample data by the statistical software.The conclusions are as shows:(1) There is significant positive-correlation between management compensation incentive and R & D performance, including the total and the top three amount of management compensation incentive. Under present situation of domestic management compensation incentive, it is beneficial to R & D performance to higher the manager’s compensation.(2) Management equity incentive and R & D performance management are positively correlated. The manager’s Equity incentive can improve R & D performance.(3) The correlation between management compensation incentive and R & D performance for different age management is significantly different. Compared with senior, the correlation is more positive related for the young management.(4) The correlation between management equity incentive and R & D performance for different age management is significantly different. Compared with senior, the correlation is more positive related for the young management.(5) For different degree of education, the correlation between management compensation incentive and R & D performance is significantly different. The correlation is more positive related for master degree or above than below.(6) For different degree of education,the correlation between management equity incentive and R & D performance is significantly different. The correlation is more positive related for master degree or above than below.(7) For small and medium-sized enterprises, the longer is management term, the promotion of R&D is stronger caused by management compensation incentive.(8) For small and medium-sized enterprises, the longer is management term, the promotion of R&D is stronger caused by management equity incentive.