Research On The Relationship Between High-Tech Enterprise Executives Stock Ownership,R&D Investment And Enterprise Growth

Theory and practice show that if enterprises want to achieve long-term development,they must have the corresponding "core competitiveness".Today in the21 st century,environmental factors determine that "scientific and technological innovation" has become the most important core competitiveness of social development and enterprise progress.In order to build our country into an innovative country characterized by "knowledge and technology",the national level constantly improves the strategic deployment of relevant aspects and promotes its implementation in an orderly manner.As a knowledge and technology intensive economic entity,high-tech enterprises play an irreplaceable role in the construction and improvement of China's independent innovation system.However,innovation is bound to accompany with the emergence of risks.In modern enterprises with "separation of powers" as a governance feature,there is a deviation in the consistency of managers' and owners' goals and interests.How does this deviation affect the deployment of enterprise innovation plan and decision-making? Is the implementation of equity incentive to senior managers regarded as an effective modern corporate governance behavior that really solves the problem of inconsistency between managers' and owners' objectives and interests? What is the relationship between the ownership,R&D investment and the growth of enterprises? These are issues that must be considered and measured in order to achieve long-term development of enterprises.In order to study and solve the above problems,this paper takes the A-share listed high-tech enterprises in the real economy as the research sample,through reading,classifying and summarizing the relevant literature in the early stage,and puts forward the content of this study on the basis of relevant theories,and establishes the corresponding empirical research model.According to the research demand,this paper screened out the relevant samples,selected 1094 high-tech enterprises which met the research conditions and in the period of 2013-2016,totaling 4376 sample observation values.Among them,the index of executive shareholding is calculated by the number of executive shareholdings/the total number of corporate equity.In the molecular calculation,the managerial shareholding with two jobs in one is not repeated,and the intensity of R&D investment is used as research and research.Tobin Q value is selected as an indicator to measure the growth of enterprises,and enterprisesize,age of listing,capital structure and year are selected as control variables.This paper discusses the relationship between executive shareholding and firm growth from both normative and empirical aspects,and whether R&D investment has moderating effect on the relationship between executive shareholding and firm growth.Empirical findings are as follows: A-share listed high-tech enterprises can improve the growth of enterprises by deploying equity incentive strategy to senior executives;R&D investment does play a moderating role in the relationship between executive shareholding and enterprise growth.At the end of the paper,the conclusions of this study and the practical problems encountered in the research are considered comprehensively.Some useful policy suggestions are put forward for the corporate governance and innovation module of Chinese enterprises,especially high-tech enterprises.I hope that this paper can provide many empirical support and guidance for the growth of high-tech enterprises.