How Did The Executives'shareholding Affect The Growth Of Hi-tech Enterprise?

Theories and studies have shown that technological progress is the main driving force of social development.Technology innovation is the only source of technological progress.The ability of technology innovation has become an important factor that decides the prosperity of modern enterprise and country.Over the past ten years,Chinese government has been perfecting the top-level design of innovation-driven continuously,and pushing forward the development strategy of innovation-driven constantly,to realize the ambitious goal of to build an innovation-oriented country by 2020.As a principal part of the system of autonomously national innovation,high-tech enterprises are shouldering the important mission in technological innovation decision-making,R&D investing,scientific researches organizing and technological achievements transforming,received strong support of national policies.However,to innovate means to take a risk.In modern enterprises,the principal-agent problem caused by separation of two rights is universal,and managers focus on their own interests,but shareholders concern more about the long-term development of the enterprise,resulting in divide.Will this divide affect the enterprise's R&D activities decision-making and the implementation of R&D plan?Does the incentive of executives'shareholding,considered as an effectively long-term incentive mechanism in solving the principal-agent problem,really play a "behalf alignment effect" role?What kind of relationships there are between the executives' shareholding,the R&D activities and the development of enterprise?All these problems have been the focus of theoretical field and practice fields together.In this paper,the research object are high-tech listed companies,we clarify the possible relationships between the incentive of executives' shareholding,the R&D efficiency(calculated by DEA-SBM model)and the growth of enterprise,by learning current research theories and literatures in academia,and then put forward research hypotheses and establish the empirical models.We collected a sample of 1321 high-tech A-share companies that eligible for this research during 2008-2015,whit a total of 6443 datum.Then test the research hypotheses,and analyze the results of empirical tests.The main conclusions of this paper concluded:In high-tech listed companies,the executives' shareholding has significant positive incentive effects on the R&D efficiency and the growth of enterprise;the R&D efficiency has a significant positive incentive effect on the growth of enterprise,and plays a significant mediator role in the process that the executives'shareholding impacting on the growth of enterprise.By the end of this paper,we put forwarded some purposefully policy suggestions for the equity incentive system and the development of innovation in Chinese enterprise,according to the conclusions and problems from this study.