| Scientific and technological innovation is the first productive force, the development of science and technology has become an important factor in the development of enterprises. For enterprises, R & D investment is a common way to improve the core competitiveness of enterprises. There is a common agent problem between the owner and the manager of the modern enterprise. As a business owner,shareholders are concerned about the long-term development of enterprises and how to achieve the maximization of corporate value, and business managers are mainly concerned about the maximization of their own interests. R & D investment with high risk, high input, the characteristics of lagging behind. Therefore, enterprises face R &D investment decision-making, business owners are willing to take R & D investment risks, for the long-term development of enterprises to create greater value. And corporate executives are more inclined to avoid R & D risks, so that their own interests are guaranteed. This paper chooses the enterprise life cycle perspective,based on the principal-agent theory and the incentive theory, to explore how to develop the equity incentive system to promote the enterprise innovation in different enterprise life cycle.This paper can be divided into five parts: the first part of the introduction, mainly introduces the background and significance of the topic of the paper, pointed out from the enterprise life cycle perspective on the importance of executive holding and R &D investment and related theory, This paper introduces the research ideas and framework, research methods. The second part of the literature review and related theories, introduced at home and abroad on the enterprise life cycle theory division and the relationship between executive holdings and R & D investment status quo.Through the reading and finishing of domestic and foreign literature, we can understand the current situation and find the shortcomings of this problem. Then we will explain the theory of enterprise life cycle, executive incentive theory,principal-agent theory and innovation theory. basis. The third part puts forward the hypothesis, based on the enterprise life naming cycle, the relationship between executive holding and R & D investment is analyzed and put forward. Based on the theory of principal-agent and executive incentive theory, this paper puts forward the hypothesis of the incentive effect of R & D investment by combining the innovation theory, and then divides the enterprise according to the enterprise life cycle theory,and then divides the enterprise from the growth period And the recession put forward the hypothesis. The fourth part studies the design, first explains the data source of the empirical analysis, and the division of the enterprise life cycle, explaining the variables,the explanatory variables and the control variables. And then descriptive statistics,correlation analysis and multiple regression analysis of the samples. From the perspective of enterprise life cycle analysis of executive holdings and R & D investment strength of the relationship between the empirical results to verify whether the assumption is reasonable,combined with the actual theory of the reasons for the analysis. The fifth part of paper is the recommendations and shortcomings, for the conclusions of the empirical analysis of the recommendations and comments, the feasibility of this argument, as well as the need to improve the place for the follow-up research to pave the way.Through the study of this paper, the following conclusions: (1) In the growth period,the proportion of executives holdings and R & D investment intensity is positively related. (2) In the maturity period, the proportion of executives holdings and R & D investment intensity is positively related, and the degree of correlation is greater than the growth period. (3) In the recession period, the proportion of executive holdings is positively correlated with R & D investment intensity, and the correlation degree is strong. |
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