The Research Of Executives Risk Appetite,reward Incentive And Entrepreneurs Innovation

Into the second decade of the 21st century,the knowledge economy as the representative of the new technological revolution is blooming,innovation has become a key driver of economic and social development.Various countries around the world have realized that entrepreneurial innovation can not only enable enterprises to achieve market leadership,and then get a certain monopoly in the market and get the excess profits,but also can provide a sustained impetus for the whole country and even global development.In China,the enterprises as the main body of the micro innovation,on the one hand,business executives emphasis on entrepreneurial innovation continue to increase,R&D investment and patent an increasing number of enterprises;on the other hand,China’s R&D Input strength though increased year by year,But companies and external competitive environment and the world’s major developed economies R&D investment intensity and their own innovation needs compared to R&D in our business,there are still a serious shortage of investment intensity.Therefore,factors of entrepreneurial innovation become an urgent issue.Meanwhile,in the modern wave of corporate separation of ownership,as principal shareholder,with ownership of enterprises and residual claims tend to acquire market-leading innovation by entrepreneurs,and then get a certain monopoly in the market and get the excess profits,maximize enterprise value.For executives,because of the high investment in technology innovation,high-risk,long cycle and earnings lagged characteristics,their instinct of self-interest as the "economic man",in order to avoid fruitless due to technical innovation leading to its loss of potential benefits,They tend to give up these innovative behavior could have create greater value to the business.Therefore,even if the executives belonging to risk-seeking,they may also function to ensure the maximization of their own interests rather give up entrepreneurial innovation,thus forming a serious information asymmetry between shareholders and executives.So,What determines executives risk appetite?Based on principal-agent theory,in order to effectively alleviate the serious information asymmetry between shareholders and executives,to achieve the interests of executives and shareholders of the target function convergence,shareholders in addition to strengthening the supervision of executives,constraints,we also need well-designed executive compensation incentives,prompting executives to long-term development and make the most advantageous choice based on their maximum benefits.So what kind of executive compensation incentives affect entrepreneur innovation?At a given level of risk appetite executives,executive compensation incentives for entrepreneurial innovation have different affected?Research and explain the four questions above,they constitute the core of this paper.This paper identifies the main contents are as follows:Firstly,analyze the impact of the risk appetite of senior entrepreneurial innovation;Secondly,to encourage the introduction of executive remuneration regression models to study risk appetite and reward executives Incentive two factors Influence of entrepreneurial innovation;Thirdly,investigate risk appetite executives incentives to reward executives;Fourthly,reward incentive effect on the regulation of visits between senior risk appetite and executives of entrepreneurial innovation.Fifthly,they risk appetite executives,entrepreneurial innovation and reward incentive relations between the theoretical analysis,and on this basis,proposes the research hypotheses.Finally,choose the Chinese A-share listed company in 2012-2013 data during multiple linear regression,one by one to verify the research hypothesis and get the research conclusions.In this paper,research methods and empirical analysis combining the following conclusions:Firstly,the risk appetite and entrepreneurial innovation executives significantly related;Secondly,executive incentive compensation was significantly associated with entrepreneurial innovation;Thirdly,executives of risk appetite and reward incentive significantly associated with entrepreneurial innovation;Fourthly,incentive pay for executives and entrepreneurs risk appetite relationship between innovation executives have significant regulatory role,which is half the wage incentive intensity moderator,equity incentive intensity and strength Incentives are pure moderator.Finally,the actual situation of this paper empirical results and the present stage,we propose the following three suggestions:First,to optimize executive team structure,appropriate to enhance the proportion of female executives;second,to enhance risk executives management awareness,shareholders and executives to develop their own risk-taking system;and third,to establish a scientific incentive system of executive compensation,prompting them to focus on the future of business.