Executive Holding,Technological Innovation And Corporate Financial Performance

With the deepening of the development of the socialist market economy,the modern enterprise system of our country has been improved,and the phenomenon of separation of ownership and management has become more and more common.In the face of the problem that the owner and the manager's objective function are inconsistent and the information asymmetry caused by the separation of the two powers,more and more private enterprises choose the effective long-term incentive mechanism of the executive stock to motivate the managers and constraint.At the same time,under the background of "new normal",private enterprises as the main body of China's economic development,technological innovation,improve the ability of independent innovation is the key to sustainable development,but also the transformation of national economic development needs.The research on the relationship between executive holding and corporate financial performance has focused on the relationship between executive holdings and corporate financial performance.It is also possible to study whether executive holdings can motivate executives to make more efforts to generate revenue for enterprises and improve financial performance.Rarely take into account the way executives can be through what way to influence the company's financial performance;And the study of executive holdings and enterprise technology innovation ability of the literature is small,ignoring a study of executive holdings on the company's financial performance of the important path.Based on the analysis of the existing literatures and the analysis of the existing literature,this paper puts forward the hypothesis that the executives of private listed companies can enhance the financial performance of the company.The holdings of executives can promote the hypothesis and technological innovation of technological innovation.The effect of financial performance relationship in the process of play therole of intermediary assumptions.This paper chooses the data of the private listed companies in China from 2010 to 2015 as the research sample,and uses the mediation effect test method to carry on the empirical test to the above hypothesis gradually,draws the following conclusion:(1)holding incentives for executives of private listed companies can make executives and business interests of the agreement,to promote executives for the long-term development of enterprises to make greater efforts to improve the company's financial performance.(2)the holding of private listed companies executives have a positive role in promoting technological innovation.Execution of executives holding incentives is more likely to increase investment in technological innovation.(3)executive holdings through the effective path of technological innovation to enhance the company's financial performance,technological innovation between the two play a part of the intermediary role.This paper studies the relationship between executive holding,technological innovation and corporate financial performance,which is helpful to deeply understand the inherent principle of the impact of executive holding on financial performance,enrich the research on executive holding and technological innovation,To study the effective path of executive holdings to the company's financial performance.