Research On The Relationship Among Management Incentive,Strategic Flexibility And Enterprise Innovation Efficiency Based On PVAR Model

Innovative activities have uncertainties and external benefits,which make the enterprise's innovation investment fail to achieve optimal output.The managements have rich professional knowledge and skills.And they have human capital and social network capital that break through the conventional territory.To some extent,the uncertainty brought about by innovation activities is eliminated.On the other hand,the management's high-level strategic deployment and the atmosphere of focusing on long-term benefits convey good information to the organization.Within the organization,it is more inclined to break the inertia path,enhance strategic flexibility and constantly adjust the rational allocation of innovative resources.Therefore,the innovation incentives for managements have become favorable conditions for promoting innovation activities.At present,the academic research on management incentives for corporate innovation behavior mostly stays on the allocation validity of innovation funds and personnel resources.It separates the relevance of innovation activities.In addition,the existing literature is less involved in the radiation effects of strategic flexibility on the implementation of corporate innovation policies.Therefore,from the effectiveness of management incentives,this paper focuses on the endogenous and lagging effects of innovation activities to explore the impact of management incentives,strategic flexibility and corporate innovation efficiency.First,the management incentives are divided into two types: equity incentives and compensation incentives.It is assumed that the the impact of two incentives and strategic flexibility on innovation efficiency are derived,as well as the transmission effect of strategic flexibility.Secondly,selecting manufacturing enterprises in 2012-2017 as research samples and subdividing high-tech enterprises or non-high-tech enterprises,this paper constructs panel vector autoregressive model(PVAR)to analyze the dynamic interaction of management incentives,strategic flexibility and innovation efficiency.Finally,the impulse response function(IRF)is used to determine the effect of the lag effect between variables to determine the degree and direction of the impact of management incentives and strategic flexibility on innovation efficiency.At the same time to discover the reverse effect of innovation efficiency.The conclusions show that:(1)Compared with salary incentives,equity incentive policies can promote future strategic flexibility and enterprise innovation efficiency.Specifically,equity incentives promote the 1-3 period of strategic flexibility,however the improvement of strategic flexibility inhibits the continued implementation of future equity incentives.In these cases,non-high-tech companies are more significant than high-tech companies.Equity incentives can effectively promote the improvement of innovation efficiency in the 1-3 period,and high-tech enterprises are more significant;while the improvement of innovation efficiency inhibits the continued implementation of the future 1-3 equity incentives;the inhibition is more pronounced for non-high technologies with low skill levels.(2)Salary incentives have mutual restraining effect on strategic flexibility and innovation efficiency.The salary incentives inhibit the flexibility of the strategy,and the strategic flexibility will also curb the strengthening of the next one to three salary incentives.These inhibitions are more significant in high-tech companies.Due to the management's manipulation of real surplus,the incentive effect of compensation incentives on innovation efficiency is weaker.However,the efficiency of innovation will reduce the proportion of salary incentives in the next 1-3 periods and the performance of high-tech enterprises is more significant.(3)Strategic flexibility promotes the improvement of innovation efficiency in the next phase;High-tech enterprises perform better than non-high-tech enterprises,and moderate flexibility levels show certain conduction effects in equity incentive policies.But innovation efficiency has little effect on the future strategic flexibility.The research results examine the effectiveness of management incentives and the path of strategic flexibility,and the adverse selection effect of innovation activities.It provides empirical experience and policy advice for companies to continue to engage in innovative incentives.