The Research On The Relationship Between Executive Incentive,r&d Investment And Enterprise Performance

China is in a new era of mass entrepreneurship and innovation,with many new scientific and technological achievements springing up like mushrooms.There are a number of emerging science and technology innovation,sharing economy,mobile payment,high-speed network,electronic commerce has already begun to lead the world trend.The rapid rise of emerging scientific and technological achievements to make big change have taken place in our country's economic development pattern,also make our profound changes have taken place in production,new journey on the history of science and technology innovation in our country.Innovation is the eternal theme in every age,the enterprise is the main force in the process of market economy development,and executive as enterprise management,plays an important role in the process of enterprise development,for enterprises to carry out research and development activities smoothly plays an important role.This paper adopts the method of combining normative and empirical research.All sample of this study for the Shanghai and shenzhen a-share listed companies,according to the principal-agent theory,human capital theory,the executive incentive theory and the technology innovation theory to study the executive incentive,the relationship between R&D investment and enterprise performance,and the executive incentive is divided into two methods of explicit and implicit incentives,divides into the R&D investment funds for research and development personnel,in accordance with the "incentive effect of behavior-" research path and model to make empirical study.In addition,innovation lies in exploring and analyzing the mediating effect of R&D on executive incentive and corporate performance.The following conclusions are drawn from the study:First,R&D investment is positively affecting enterprise performance.Second,different executive incentive methods are conducive to the R&D investment of the enterprise.Third,different ways of executive incentive and corporate performancerelationship is different,short executive compensation and corporate performance is significantly positively related to executive business performance was influenced by the long-term shareholding incentive,executives on-the-job consumption is negative correlation relationship with corporate performance.Fourth,in addition to the research and development spending no intermediary effect to executive incentive and corporate performance and r&d investment incentive executives long-term ownership and corporate performance without intermediary role,the rest are more or less complete mediation effect or partial intermediary effect.This paper puts forward countermeasures and suggestions from the two aspects of the government and enterprises,that is,the government needs to speed up the reform of the financial system to provide a good financing environment for enterprises and provide policy support for enterprises to invest in research and development.enterprises should optimize the incentive mechanism for senior management and attach importance to the cultivation of scientific research personnel so as to improve their own comprehensive competitiveness.Based on various objective factors,there are still many shortcomings and deficiencies in this study,and the future prospect is put forward.