Research On The Relationship Between Executive Incentive And R&D Investment Efficiency

How to stimulate economic growth has been the focus of attention of scholars at home and abroad.The current state focuses on the supply side reform to promote the transformation and upgrading of the economy,but the realization of economic transformation and upgrading can not be separated from innovation.In order to improve the level of innovation and improve its efficiency,the R&D investment efficiency of enterprises plays a decisive role.However,in the process of R&D activities,due to the high degree of professionalism and information asymmetry in this field,the principal-agent problem often arises.In order to solve the principal-agent problem,the common practice of the existing enterprises is to establish an executive incentive mechanism,which makes the executives have surplus claim and income,so that their own interests are consistent with the interests of shareholders.This mechanism has been paid more and more attention.This paper first summarizes the existing literature,finds the arguments of this study,and then defines the concept of executive incentive and R&D investment efficiency.Furthermore,based on the theory of technological innovation and other related theories,the hypothesis of the relationship between executive incentives and R&D investment efficiency is put forward.Finally,we define the variables,construct the empirical model,and collate and analyze the collected data in 2012-2015 years using Stata14.0.Through the study,it is concluded that:(1)The R&D investment efficiency of Shanghai and Shenzhen A share listed companies derived from DEA is relatively low.It can be seen that the technological innovation ability of Listed Companies in China is relatively low.(2)In executive incentive,executive compensation incentive has a positive impact on R&D investment efficiency,and executive equity incentive has a positive impact on R&D investment efficiency,and executive promotion incentives have a positive impact on R&D investment efficiency.(3)Further analysis shows that the nature of ownership and the degree ofmarketization have an impact on the relationship between executive incentives and R&D investment efficiency.