| Manufacturing has always occupied an important position in the Chinese economy.In the stage of economic transformation and development,in order to meet the challenges of overcapacity,labor wage growth and declining benefits of manufacturing enterprises,China has formulated and implemented the "China Manufacturing 2025" strategy,and strongly supports manufacturing enterprises to enhance their independent innovation ability and cultivate new competitive advantages.As the management of business decision makers dominates the formulation and implementation of enterprise innovation strategy,motivate executives to attach importance to and support innovation,and actively carry out innovation activities related to the transformation and development of manufacturing industry and the promotion of long-term value of enterprises.Whether the executive incentive is reasonable or not is related to corporate governance,and thus has an important impact on enterprise innovation.Executive incentive includes two main forms of long-term incentive and short-term incentive,how to implement two kinds of incentive methods reasonably to form effective executive compensation incentive is beneficial to ease the contradiction of entrustment agency,eliminate the differences between executives and shareholders in the face of innovation decision to a certain extent,and promote the convergence of executive and shareholder interests,so as to actively carry out innovative activities.Deliver better returns to shareholders.Therefore,from two angles of executive compensation level and executive compensation structure,this paper studies the relationship between two different forms of incentive mode,the internal structure of executive compensation and the Independent innovation of enterprises in the long-term incentive and short-term incentive of manufacturing enterprises.This paper combs the existing research results and related theories,and deduces the research hypothesis,sets the research object as a listed company in China's manufacturing industry,collects the data of the 2013-2017,and uses empirical research methods to analyze the relationship between executive compensation level and executive compensation structure and independent innovation.In this paper,the level of executive compensation includes three levels of total executive compensation,monetary pay income and shareholding market value.The executive compensation structure is measured by the ratio index of the market value of executive shareholding and the monetary salary.Studying how to design thecompensation contract that effectively inspires the innovation motivation of executives can promote the innovation investment decisions that the executives make in favor of the long-term development of the enterprise.The empirical results show that there is a significant positive correlation between executive monetary compensation,the market value of executive shareholding and total compensation,and the independent innovation of enterprises,and the correlation between the market value of executive shareholding and the Independent innovation of enterprises is weaker than that of monetary compensation.In the structure of executive compensation,the ratio of shareholding market value to monetary pay is positively correlated with enterprise independent innovation.Therefore,in the case of the increase of total executive compensation,monetary compensation and equity pay,can effectively promote independent innovation of enterprises,from the adjustment of executive compensation structure,to improve the ratio of executive equity pay to monetary pay,to a certain extent,will be conducive to enterprises to carry out independent innovation activities,improve the intensity of innovative R & amp;d.It is suggested that manufacturing enterprises should properly improve the level of executive monetary pay,improve equity incentive,appropriately increase the intensity of executive incentive,executive compensation design should adopt the combination of monetary pay and equity pay,in order to effectively motivate executives to pay attention to the long-term development of enterprises,support and focus on innovation. |
PDF Full Text Request