| In the new era,R&D innovation has become the focus of leading the sustainable development of various industries around the world.It is not only the key to the sustainable development of the enterprise itself,but also an important part of the realization of the current national strategic goals.At present,compared with developed countries in the West,China’s enterprises are relatively large in scale.However,the low strength and low efficiency of R&D are important reasons for the low innovation capability of Chinese enterprises and the inability to develop core technology.This shows that the driving force for R&D and innovation in China needs to be strengthened.Relevant research literature points out that R&D efficiency is affected by many factors such as the external environment of the enterprise,internal governance,and the scale of its operations.Most of these studies are research and development efficiencies that are analyzed from the perspective of internal corporate governance.However,R&D is a long-term investment activity that requires a large amount of financial support and is also influenced by the behavioral attitudes of business decision makers.The theory of organizational redundancy believes that financial redundancy,that is,financial resources,is an important resource support for research and development activities.The enthusiasm of enterprise management for R&D activities and the self-interest of executives are the key to the effectiveness of R&D investment activities.At the same time,R&D investment has the characteristics of high risk and long payback period,which leads to the aggravation of corporate agency problems and the more prominent conflicts of interest between the two parties.Shareholders and managers themselves have different interests and therefore have different attitudes toward R&D investment.Therefore,this paper will study the impact of financial redundancy on the efficiency of corporate R&D investment and the relationship between executive equity incentives.This paper first briefly describes the background,research significance and innovation of the paper.Secondly,the related theories of financial redundancy and the current research status are discussed and analyzed in detail.The research conclusions and research deficiencies of the existing literature are summarized and summarized,which lays the foundation for the following theoretical derivation and research hypothesis..Thirdly,theoretical analysis of the role of financial redundancy on the efficiency of enterprise R&D investment and the regulatory effect of executive equity incentives,the three research hypotheses of this paper are proposed.Fourthly,this paper takes the high-tech enterprises listed in China from 2015 to 2017 as the research sample,and uses the data envelopment analysis method in the nonparametric analysis method-DEA analysis method to measure the investment efficiency of R&D.The DEA-SOLVER PRO 5.0 software was used to calculate the R&D investment efficiency of the sample company in each year.Based on the measured R&D investment efficiency value and other variable data collected by hand,regression analysis and empirical test were carried out with Stata15.1 software.The three basic assumptions of this paper.Finally,the conclusions of this paper indicate that the overall R&D investment efficiency level of sample companies is low,and the technological innovation and R&D capabilities of high-tech enterprises still have a lot of room fordevelopment;financial redundancy and enterprise R&D investment efficiency are nonlinear—inverted U Type relationship;executive equity incentives significantly promote the efficiency of corporate R&D investment;executive equity incentives significantly strengthen the relationship between financial redundancy and R&D investment efficiency;only when appropriate financial redundancy levels and certain executive equity incentives are retained R&D investment efficiency is the best and other important conclusions. |
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