| The realization of the strategy of strengthening the country through science and technology needs the support of the construction of the national innovation system.In recent years,the overall R&D expenditure level of China has shown a linear upward trend.Among them,the R&D expenditure of enterprises accounts for the vast majority of total R&D expenditures,such as 76.48% in 2017.Therefore,the utilization efficiency of enterprise R&D investment and the output level of innovation are the key factors affecting the construction of China's innovation system.The implementation of incentive policies in enterprises directly determines the management's attitude towards innovation activities,which in turn affects the efficiency of technological innovation.The R&D activities of enterprises are generally aimed at realizing long-term goals such as market development or stable status.Whether R&D input can improve corporate performance or enhance the core competitiveness of enterprises is the key to the effective use of R&D expenditures.Differences may result in companies with the same level of investment having different innovation outputs.Throughout the existing literature,the relevant research work mainly studies the impact of executive compensation incentives on corporate R&D investment,or separately studies the impact of executive compensation incentives on corporate financial performance,and some scholars have separately studied the impact of corporate governance factors on innovation output.For the measurement of innovation output,most scholars only study the economic benefits of innovation output.A few scholars only study the impact of innovation input on the technical outcome of output.This paper divides the innovation output into two aspects: economic benefit and patent achievement,and analyzes the different influences of R&D investment on the innovation output of the enterprise from these two aspects.Furthermore,it is incomplete to examine the incentive effect of management incentives on enterprise technology innovation from a single dimension.In order to more fully reflect the overall situation of R&D activities,it is necessary to analyze the efficiency of management incentives in the whole process of input-output.What effect does it have? Management incentives can be divided into management compensation incentives and equity incentives,which promote the efficiency of R&D output separately from the short-term and long-term.Based on the sample of 936 A-share listed companies in 2013-2017,this paper divides the sample companies into state-owned enterprises and non-state-owned enterprises according to the nature of ownership,and compares the differences between R&D investment and technological innovation output under different ownership characteristics.And consider the impact of management incentives on the relationship between R&D investment and corporate technological innovation output under different ownership characteristics.The study found that the specific correlation model between enterprise R&D investment and technological innovation output is not constant,but will be influenced and restricted by the nature of ownership.First of all,the inverted U-type relationship between R&D investment and corporate financial performance is not affected by the nature of corporate ownership.However,the nature of corporate ownership has an impact on the relationship between R&D investment and patent output.R&D investment and patent output in non-state-owned enterprises show a significant U-shaped relationship,while the R&D investment in the total sample and state-owned enterprises significantly promotes the patent production of enterprises.Secondly,the management compensation incentives in the total sample,state-owned enterprises and non-state-owned enterprises will weaken the inverted U-type relationship between R&D investment and corporate performance,and high compensation incentives will improve the overall R&D efficiency of the enterprise.The management equity incentives in state-owned enterprises will not affect the relationship between R&D investment and financial performance.In the total sample and non-state-owned enterprises,the inverted U-type relationship between R&D investment and financial performance will be strengthened,and the R&D efficiency of enterprises will be improved.Third,the total sample and state-owned enterprises' salary incentives strengthen the positive correlation between R&D investment and patent output.The management compensation incentives in non-state-owned enterprises will strengthen the inverted U-type relationship between R&D investment and patent output.And improve the company's research and development efficiency.Finally,the management equity incentives have the same effect on the relationship between R&D investment and patent output,as well as the management compensation incentives.China's R&D investment currently has an "over-the-counter effect",and excessive investment will reduce the company's research and development efficiency.In general,management compensation incentives and equity incentives will enhance the company's research and development efficiency,but equity incentives in state-owned enterprises do not affect the innovation efficiency of corporate finance.Equity incentives under different corporate nature will positively regulate the relationship between R&D investment and patent output.A high percentage of executive compensation incentives will slow the curve between R&D investment and firm performance,but steep the curve between R&D investment and patent output.Therefore,companies should adopt different incentives and incentives for different innovation goals and corporate nature. |
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