Research On The Relationship Between Executive Incentive Effect,supervision Effect And R&D Expenditure

Technological innovation is the driving force of economic growth and enterprise development,and the R&D expenditure of enterprises is becoming an important factor that determines the independent innovation ability of enterprises.The core technology developed by the enterprise will become the key factor leading the market development and building the entry barrier,and the enterprise can realize its own sustainable development by carrying out technical innovation activities.The research and development activities of enterprises will be affected by external environment and internal corporate governance environment.In recent years,research on the relationship between corporate governance and technological innovation has become a hot issue.Senior management is the management personnel who directly participate in the business activities of the enterprise,and the degree of knowledge and enthusiasm of the senior management team on the importance of enterprise technology innovation will affect the R&D activity of the enterprise.By implementing appropriate equity incentive and compensation incentives for senior executives,the company can alleviate the work pressure and reputational risk of executives due to technical innovation activities.In order to avoid the inertia management caused by the incentive behavior,the enterprise supervises the management behavior of the senior executives and the business development of the enterprise through the establishment of independent directors.Manufacturing enterprises of different nature and type of industry will also influence to enterprise's R&D spending behavior,on the concrete analysis to refine the incentive effect and supervision effect effects on the enterprise R&D spending.This paper mainly studies the incentive effect and supervision effect in the process of corporate governance's influence on the enterprise research and development spending,including executives is generally used to research our country enterprise short-term salary incentive mode and the relationship between the enterprise research and development spending,on this basis to implement time smaller than that in the short term salary incentive mode of long-term incentive equity incentive joint analysis of two different incentives affect enterprise R&D spending.Considering the executive in an incentive effect will be influenced by personal characteristics at the same time,the executive office to join as executives personal characteristics in this paper the objective conditions on incentive effect analysis,the research on incentive executives term effect and the regulating effect of technology innovation.Combining the reality of enterprise management in the process of incentive and supervision of the parallel mechanism of corporate governance,this paper study on the relationship between the supervision effect and R&D spending,explore the supervision effect,under the influence of the incentive effect and the change of the relationship between R&D spending.In this paper,we further study the classification of subsamples by the nature of the enterprise and the nature of the industry.Based on the principal-agent theory and information asymmetry theory,combined with the reputation theory and incentive theory to study found that executive equity incentive and salary incentive for enterprise r&d spending behavior will have a positive impact,the existence of the independent directors can increase the impact.Longer executive tenure will also promote periodic R&D and innovation activities.State-owned enterprise executive equity incentive and the scale of the independent director is not bigger impact on spending on research and development,the enterprise should pay more attention to the role of independent directors and quicken the actual division of ownership and managerial authority.Enterprises should attach more importance to executives at the same time in the extend of executive office,requirements for the establishment of the independent director should be system into their own needs,in order to ensure the smooth progress of enterprise technology innovation activities.