Ownership Nature,Internal Pay Dispersion And Innovation Driving Force

Innovation is an important source for the Country to stand in the forest of the world's nationalities.It is also one of the important ways for enterprises to survive and grow in the fierce competition.In order to improve the innovation ability of enterprises,the State has also issued policies at the macro level,such as intellectual property protection,innovation subsidies and tax relief.It also provides convenient financing channel for enterprises.However,the internal governance of enterprises is also an important factor affecting innovation,among which the pay dispersion between senior executives and ordinary employees has attracted extensive attention of enterprises and scholars.At present,most of the studies focus on the relationship between executive pay dispersion and enterprise performance,however,the relationship between executive pay gap and enterprise innovation is relatively inadequate.In this context,we study the internal pay dispersion and innovation driving force,and divide it into state-owned enterprises and private enterprises according to the nature of enterprises,This paper measures the internal pay dispersion by the ratio of the average executive pay and the average employee pay,and measures the innovation driving force by innovation input,innovation output and innovation efficiency.This paper tries to answer whether the internal pay dispersion affects the innovation of state-owned enterprises,that is,whether the"salary limit"for central state-owned enterprises is feasible,how to deal with the internal pay dispersion in private enterprises,and provide a different perspective for policy-makers in formulating pay policies.The research contents of this paper mainly include the following five parts:The first part is an introduction,which mainly introduces the research background and significance of this topic,systematically combs the domestic and foreign research literature on innovation?internal pay dispersion and their relations,and comments on it.At the same time,it also expounds the research ideas,research methods,innovations.The second part is the basic theory of this paper.Firstly,it defines the concept of senior executive and internal pay dispersion,and then describes in detail the impact of internal pay dispersion on innovation driving force.Relevant theories include Championship theory,Principal-agent theory and Behavior Theory(classify it into Relative Exploitation Theory,Organizational Politics Theory,Distribution Preference Theory)and so on.The third part is current situation analysis and research hypothesis.Firstly,this part gives a brief description of the current situation of internal pay dispersion and innovation input(full-time equivalent of R&D personnel and R&D funds)and innovation output(number of patent authorizations and patent applications in China)of Listed Companies in China,and then elaborates on the the impact of internal pay dispersion on innovation input,output and efficiency in state-owned enterprises and private enterprises respectively,and then relevant research hypotheses are put forward.The fourth part is the empirical test.This paper takes the A-share listed companies in Shenzhen and Shanghai Stock Exchanges from 2007 to 2016 as samples,builds a model by drawing lessons from previous studies,and uses Stata 14 software to analyze the relationship between internal pay dispersion and innovation,so as to verify the research hypothesis proposed in this paper,and robustness test is carried out by substituting variables and considering policy impact.The fifth part is the conclusion of the study,and according to the conclusion,it puts forward relevant policy recommendations for state-owned enterprises and private enterprises respectively,and points out the shortcomings of this study and future prospects.The conclusions of this paper are as follows:(1)In state-owned enterprises,there is no significant correlation between internal pay dispersion and innovation input,output and innovation efficiency;(2)In private enterprises,there is a positive correlation between internal pay dispersion and innovation output and innovation efficiency,but internal pay dispersion and innovation input is not significant.The characteristics and innovations of this study are embodied in two aspects:research perspective and research method.On the one hand,the research perspective is novel.This paper divides innovation into three dimensions:innovation input,innovation output and innovation efficiency,and refines the research object into state-owned enterprises and private enterprises to examine the heterogeneity of internal pay gap on enterprise innovation,and to provide suggestions for realizing innovation-driven development strategy from financial and accounting perspectives;on the other hand,in research methods,using the data since the implementation of the accounting standards in 2006(2007-2016),this paper enriches the literature on the influencing factors of enterprise innovation and the economic consequences of the internal pay dispersion.