A Study On The Relationship Between Executives Shareholding,Ownership Structure,R&D And Innovation Performance Of High-tech Enterprises

Today's era is the era of knowledge economy and information economy.Facing the rapid development of science and technology and the fierce market competition,high-tech enterprises only with a certain level of technological innovation can improve their core competitiveness and maintain long-term development.Therefore,enterprises must be concerned about how to improve their innovation performance.In view of this,this paper argues that: firstly,technological innovation of enterprises cannot be separated from research and development activities,which are characterized by high risk and long return cycle,and take R&D as the basic guarantee;second,with the decision-making,control and management rights of enterprise innovation activities,executives play a decisive role in the R&D.Therefore,executives shareholding incentive can not only reduce the agency cost of the enterprise,also can motivate executives to focus on the long-term development of the enterprise and actively promote the development of research and development activities,so as to improve the enterprise's innovation performance.In addition,ownership structure,as the foundation of corporate governance structure,is of great significance to the development and performance of enterprises,which naturally affects the behavior of executives and the innovative of enterprises.Therefore,this paper attempts to take the relationship between executives shareholding incentive and innovation performance of high-tech enterprises as the main line,the R&D as the intermediate variable and the ownership structure(ownership property and ownership restriction)as the regulating variable,and to explore the relationship between the four.In view of the previous research results,this paper first put forward the theoretical hypotheses through the collation and analysis of literature,and then choose the listed high-tech enterprises in China from 2010 to 2016 as the research object and obtained 5,667 sample data.Further then,statistical software such as Stata 14.1 and multiple regression model were used to test the theoretical hypothesis.Finally,some suggestions are given based on the empirical results.Research findings:(1)In high-tech enterprises,there is a significant positive correlation between executives shareholding and innovation performance.(2)In high-tech enterprises,there is a significant positive correlation between executives shareholding and R&D.(3)In high-tech enterprises,there is a significant positive correlation between R&D and innovation performance.(4)In high-tech enterprises,R&D plays a partial intermediary role between the executives shareholding and innovation performance.(5)The state-owned ownership property of high-tech enterprises will enhance the positive correlation between the executive shareholding and R&D.But this regulatory effect does not affect the innovation performance through the intermediary effect of R&D.(6)In high-tech enterprises,the negative regulating effect of ownership restriction on the relationship between executives shareholding and innovation performance is partly through R&D.Based on the above empirical research results,the following suggestions are proposed: relevant governments can accelerate the formulation of tax incentives,science and technology plans,and other relevant policies to provide institutional guarantee for high-tech enterprises to carry out research and innovation activities;high-tech enterprises can offer reasonable stock ownership incentives to senior executives to improve their innovation performance;high-tech enterprises can improve innovation performance by establishing and improving corporate governance mechanism(For example,the degree of ownership restriction should not be too high).