Research On The Influence Of Executive Equity Incentive On R & D Investment Of The GEM Listed Companies

With the increasingly fierce market competition,scientific and technological innovation is gradually becoming an important means to improve the country's comprehensive competitiveness and economic development.As a micro-economic enterprise,R&D investment activities are an important prerequisite for technological innovation and technological progress.It is the core competitiveness of enterprises An important source of both the long-term sustainable development of the enterprise and the economic prosperity of the country are essential.However,under the modern enterprise system,the separation of the ownership and the management right of the enterprise,the inconsistency between the owner of the enterprise and the manager has produced the entrustment-agent problem.As the agent of the enterprise managers based on the purpose of self-interest,will take into account the technological innovation into the long cycle,high risk and uncertainty to avoid R&D investment,so that the long-term interests of shareholders and enterprises have an impact.Equity incentive for corporate executives is an effective way to alleviate the problem of principal-agent and long-term incentive for managers.The rationality of the design and implementation of the program will inevitably affect the behavior and decision-making of the senior executives.R&D investment has an impact.This paper first reviews the influencing factors of R&D investment in domestic and foreign enterprises,and analyzes the relevant literatures on the impact of executive equity incentive on R&D investment.Then,the related concepts are defined and measured,and the theoretical basis of this research,including principal-agent theory,Incentive theory and technology innovation theory;then selected China's GEM from 2010 to 2015 the implementation of equity incentive program of 220 listed companies as a sample,from its annual financial report,equity incentive notice in the manual collection,collation,summary of its disclosed shares Incentive information,and through descriptive statistical analysis,correlation analysis,multiple regression analysis,respectively,to study the executive equity incentive contract structure on the impact of corporate R&D investment.The results of empirical research show that the implementation of equity incentive for executives will have a positive impact on R&D investment.The effect of implementing restricted stock on R&D investment is better than that of stock option.In terms of equity incentive period,the longer the period,the better the incentive effect.Finally,this paper,based on the theoretical basis and research results of the previous chapters,puts forward the countermeasures and suggestions from the government level and the enterprise level,hoping to improve the executive incentive mechanism of the parent companies in our country,enhance the technological innovation level and realize the corporate value Maximize the goal.