The Mechanism And Verification Of The Effects Of Directors' Motivation And Innovation On The Growth Of Mixed Ownership Listed Companies

2016 is the "thirteen five" plan the first year,is fully built a well-off society decisive stage.The mixed ownership was put into a more prominent position in the 13 th Five-Year Plan,which was released in 2016,which meant that mixed ownership reform entered a new stage.Innovation is the soul of a nation and nation,is the development of enterprises within the power and source.Enterprises in order to stimulate the international and domestic competition in a place to attach importance to scientific and technological innovation,attention to innovation investment.Mixed ownership of the same business.Innovation can inject fresh vitality for mixed ownership enterprises,rejuvenate the advantages of public capital and non-public capital,stimulate the efficiency of state-owned capital,and ensure the preservation and appreciation of state-owned assets.Mixed ownership of enterprises want to carry out independent innovation,the need for active support within the enterprise.If the mixed ownership enterprise compared to a "person",then the board is the "people" of the brain,responsible for all the important decisions of the company,and a lot of important decision-making and technological innovation.Effective incentives for directors can make the board more focused on innovation decisions.This paper uses the method of normative research and empirical research to study the relationship between the incentive of directors and the growth of enterprises,and the mediating effect of innovation investment in the relationship between directors' incentive and growth.First of all,according to the principal-agent theory,incentive health theory,technological innovation theory and domestic and foreign scholars research results,put forward the hypothesis of this article.Secondly,the explanatory variables,explanatory variables,mediator variables and control variables are defined,and the transmission mechanism of the regression model and mediating effect is designed.Then,this paper chooses 847 data of mixed-owned listed companies from 2013 to 2015 as the research samples,and returns the results.The conclusions are as follows:(1)There is a significant positive correlation between directors 'incentive and directors' equity incentive and corporate growth.Equity incentive to the growth of the interpretation of the degree is better than the directors pay incentives,indicating that equity incentives as a means oflong-term incentives are effective.(2)There is a significant positive correlation between the incentive incentive of the directors and the innovation input of the firm.The similarity with the conclusion(1)is that the equity incentive is better than the director's salary incentive.(3)The innovation input has a significant positive correlation with the growth of the enterprise,and the innovation investment has some mediating effect in the relationship between the incentive and the growth of the directors.The director encourages the growth of the company through the innovation investment.Finally,according to the empirical results to summarize the full text,from the government to play the social functions,enterprises to improve innovation,attention to talent,improve the incentive structure and other aspects of countermeasures and suggestions.