| In the recent years,our Chinese government has continuously encouraged our enterprises to try independent innovation,and to increase their investment on technology innovation.Investment on technology innovation is the critical link for independent innovation,the significant condition for keeping sustainable growth,and the important guarantee to ensure the core competence strength of enterprises.During the capital market allocation period,as the issuing of series of new policies encouraging enterprise innovation,GEM companies have obviously increased and improved their investment strengths on R&D.However,compared with western developed countries,these companies still have problems,such as relatively less investment on R&D.How to stimulate their sense of independent innovation,so as to increase their investment on independent innovation,has become the critical point affecting development of enterprises,especially those hi-tech GEM enterprises.In the modern joint-stock enterprises,the separation between the right of ownership and the right of management,has caused conflict between benefit goals of the enterprise owner and the enterprise management,the profit-seeking nature as well as the information asymmetry between the owners and management,have resulted in serious principal-agent problems,so the separation between ownership and management has caused agency theory.According to principal-agent theory,an effective incentive mechanism can make the owner and the management benefits convergence;executive incentive,as an effective means of corporate governance,plays significant guiding role for technological innovation of enterprises.How to establish a reasonable executive incentive mechanism,is critical for stimulating independent technological innovation consciousness of enterprises.Based on the principal-agent theory,the effective contract theory and other related theory,in this paper,the two views of equity incentive and salary incentive among executive incentive are considered,impacts on enterprises’ technology innovation caused by various incentive mechanisms and impacts on R&D caused by joint function of the two incentive mechanisms,have been observed.In this paper,the GEM listed companies in our country have been selected as the research object,their data between year 2009-2015 have been selected as the research sample,so as to implement empirical test on the relationship between equity incentive and technology innovation,salary incentive and technology innovation,and the joint influence on technology innovation by the two incentive mechanism.According to the study,it’s found that:(1)The equity incentive and technology innovation investment have nonlinear relationship.When the proportion of management equity is within a certain range,as increasing of their shareholding proportion,equity incentive can play a positive role for investment in technology innovation;while when this proportion is higher than a certain number,the increasing of their shareholding proportion will cause negative effects on enterprise’s technology innovation investment;(2)The compensation incentive is positively correlated with technology innovation investment,namely the higher level of executive compensation incentive,the more enterprise investment on technology innovation;(3)Under the joint function of equity incentive and compensation incentive,the incentive effect on innovation can be more obvious,and the investment on technology innovation can be more,which implies the synergy effect between the two.It’s concluded that,for executive incentive of enterprise,the synergy effect of long-term equity incentive and short-term compensation incentive shall be noted,and the shareholding proportion of management shall be reasonably controlled,so as to improve incentive system of the management.In this paper,empirical evidences have been provided for how to improve enterprise governance structure,optimize executive incentive mechanism,and improve innovation efficiency of enterprise. |
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