Top Management Incentives And R&D Investment Based On Behavioral Corporate Governance

lesearch and Development (R&D) plays an important role in the process of improving market competitiveness and strain capacity, and it also makes companies development stay relatively stable in the fierce market competition. The investment of R&D reflects the capacity in long-term development, and decides the rise and decline of the enterprise. Therefore, the research of R&D investment has always being the topic with scholars' attention.n this paper, we chose the R&D investment data from the year 2010 to 2012 in 1029 isted companies as the study samples. Based on the research at home and abroad and related theories, we put forward the hypothesis, selected the samples, and then set variables and built models. This study used Standardized Analysis and Multiple Linear Regression to analyze the data.In this paper, R&D investment as explanatory variables to executive incentive long-term and short-term incentive pay equity incentive) to be explanatory variables to conduct corporate governance and proxy variables independent directors for the company's risk adjustment variables, empirical tests of the company's risk and independent directors executive incentive for R&D investment and regulation of relations. The empirical results show that:(1) both for executives to implement a long-term or short-term incentive pay equity incentive will help to increase their R&D investment. (2) the risk of executive equity incentive companies and R&D investment in the relationship between pure manipulated variable, adjust the intensity of executive equity incentive and R&D investment relations, high-risk corporate executives in the long-term equity incentive impact on the role of R&D investment is low risk the companies are more obvious; (3) the company's risk of short-term incentive compensation for executives and R&D investment in the relationship between the manipulated variable homogeneous, short-term adjustment of executive remuneration and the relationship between R&D investment forms. In high-risk enterprise, executive short-term incentive compensation and a negative correlation between R&D investment, and in the low-risk enterprise, executive short-term incentive compensation and a positive correlation between R&D investment; (4) the same as the senior independent director of equity R&D investment in the relationship between motivation and pure nanipulated variable, adjust the intensity of the relationship between executive ong-term equity incentives and R&D investment. A high proportion of independent directors of the enterprise executives long-term equity incentive effect on R&D nvestment role of independent directors lower business more obvious,In the end of this article summarizes the research results and findings for some suggestions, but also pointed out the shortcomings of this study exist in the process as well as prospects for the future.