Research On The Relationship Among The Executive Incentives,Technology Innovation Investment And Enterprise Performance

The 21 Century is the age of intelligent economy,scientific and technological innovation has become an important force to lead the economic development.At the same time,it is also an important way for enterprises to continuously improve their competitiveness and achieve sustainable development.As the pillar industry of our country,manufacturing industry has led to the rapid growth of the national economy,and has played an important role in improving the people's quality of life and solving the problem of employment.At present,our country's economy has turned from high speed growth stage to high quality development stage.The new generation of information technology and manufacturing industry has begun to integrate deeply,and the manufacturing mode of manufacturing is undergoing profound historical changes.Thus,in order to achieve the high quality development of our economy,it is necessary for enterprises to enhance their technological innovation capability.Through technological innovation,enterprises can adapt to social development and expand market share.R&D activities are characterized by "large investment,high risk and long cycle",which are highly uncertain compared with the general investment activities of enterprises.The existing literature mainly studies the relevance of the investment value of enterprise technology innovation from the perspective of corporate characteristics,governance structure and market environment,and neglects the study of human behavior.The decision-making of enterprise technology innovation is greatly influenced by the human factors of management.As the decision-maker of enterprise technology innovation,how can the important decision behavior of the innovation R&D input make the effect on the enterprise performance? Will incentives for executives to increase their input in technological innovation and thus affect firm performance? Therefore,whether executive incentive can play a moderating role in technological innovation input and enterprise performance will be the focus of this study.In this paper,based on the 2012-2016 years' Listed Companies in the two cities of Shanghai and Shenzhen and the listed companies of the information technology industry and the information technology industry to disclose the data of &D investment and the proportion of their shareholding,the relationship between technological innovation investment and enterprise performance,the relationship between executive incentive and technological innovation,and the adjustment of executive incentive are tested.The relationship between technological innovation input and enterprise performance.The research finds that:(1)technological innovation input has a positive effect on enterprise performance.(2)executive equity incentive and executive compensation incentive can improve the R&D investment of enterprises.(3)executive equity incentive is positively regulating the relationship between technological innovation investment and enterprise performance,while executive compensation incentive has a negative adjustment effect on the relationship between technological innovation investment and enterprise performance.Finally,according to the empirical results of this paper,from the perspective of executive incentive,it puts forward some suggestions on increasing the investment of technological innovation and improving the performance of enterprises,and points out the shortcomings of this study and the future research prospects.