Research On The Relationship Between Executive Incentive,R&D Investment And Enterprise Performance

In recent years,with the economic development,the development of high-tech industries has been rapid,but this rapid development is an extensive development.Therefore,intensifying scientific research,achieving innovation-driven development,and carrying out economic transformation can promote the further development of high-tech industries.Only technological innovation can ensure the long-term and stable economic growth of enterprises,and the stronger the willingness of enterprises to invest in technological R & D,the higher the efficiency of R & D.In addition,in the company's governance system,corporate executives are important governance objects,of which executive incentives are the most important way and means of governance.This method mainly refers to the higher salaries and equity paid to executives In order to motivate them,so as to stimulate their work enthusiasm and reduce the problem of entrusted agency.Incentives for executives can not only promote technological innovation,but also promote business turnover.At present,many of China's high-tech industries are in the initial stage,and the primary problem facing them is how to motivate senior executives to improve the company's operating performance.This paper mainly studies the relationship between executive incentives,R & D investment,and corporate performance.First of all,this article takes incentive theory,principal-agent theory and technological innovation theory as the research basis,systematically reviews and combs the relevant literature at home and abroad,conducts research review on this basis,and puts forward the inspiration for this article.Secondly,this article defines the concepts of executive incentives,R & D investment,and corporate performance,and puts forward research hypotheses.Based on the intermediary effect test theory,the 2015-2018 high-tech industrial listed companies are selected as the research object,and reasonable methods are used to measure Various variables and models were established for empirical analysis.Next,the descriptive statistics,correlation analysis,regression analysis and intermediary effect test are used to verify the research hypothesis proposed in this article.Finally,combined with the aforementioned empirical analysis results,the research conclusions of this paper are drawn:(1)executive compensation incentives and executive equity incentives positively promote the improvement of corporate performance;(2)executive incentives positively promote the R & D investment intensity of listed companies in high-tech industries Promotion,executive incentives and R & D investment intensity are significantly positively correlated;(3)R & D investment and corporate performance have a significant positive correlation;(4)R &D investment has a significant mediation effect in the relationship between executive incentives and corporate performance.By giving compensation incentives and equity incentives to the executives of listed companies in the high-tech industry,the executives can see their own interests and corporate interests as a whole,have a longer-term vision,increase their investment in R & D,and improve their innovation capabilities.Improve corporate performance.The purpose of this thesis is to improve the incentive mechanism of high-tech listed companies in our country to encourage enterprises to increase their investment in scientific and technological research and development,thereby enhancing corporate performance,enhancing their core competitiveness,and obtaining more profits.