| In the era of knowledge economy,the continuous improvement of innovation ability is not only a powerful driving force for the high-quality development of social economy,but also the key for enterprises to maintain market competitiveness and achieve long-term development.The key to improving the innovation ability of an enterprise is to analyze its governance mechanism in depth.The corporate governance mechanism,as the core of the modern enterprise system and the institutional foundation of enterprise innovation,is an important factor for the success of enterprise innovation.And the optimization of corporate governance mechanism needs to focus on solving the dual agency problem of the company: shareholders and managers,major shareholders and small shareholders.In recent years,related studies have pointed out that the concentration of equity in Chinese companies is common.Therefore,this article selects the equity concentration and executive incentives in the corporate governance mechanism to explore the innovative effects of the corporate governance mechanism.At present,most domestic and foreign researches are about executive incentives and corporate R&D investment,equity concentration and corporate R&D investment,and rarely include executive incentives,equity concentration and corporate R&D investment into the same research framework.Therefore,this paper combines principal-agent theory,technological innovation theory,tournament theory and incentive theory,and continues to study the relationship between executive incentives and corporate R&D investment based on existing literature.In addition,by adding the influencing factor of equity concentration,the relationship between executive incentives,equity concentration,and corporate R&D investment has been empirically studied.Most of the listed companies on the GEM are high-tech companies with high growth and innovation characteristics.R&D and innovation activities play a significant role in these companies.Therefore,this article takes GEM listed companies as the research object,and selects data from 14-18 years as the research sample.First,it studies the impact of executive incentives(pay incentives,equity incentives,and promotion incentives)on corporate R&D investment.On this basis,the moderating variable of equity concentration is added to empirically study the moderating effect of equity concentration on executive incentives and corporate R&D investment.(1)There is asignificant positive correlation between executive compensation incentives and corporate R&D investment;(2)Executive equity incentives are positively correlated with corporate R&D investment;(3)The promotion incentive measured by the executive compensation gap has a positive impact on the company’s R&D investment;(4)The concentration of equity is significantly negatively related to the company’s R&D investment,that is,the more concentrated the equity,the stronger the inhibitory effect on the company’s R&D investment;(5)Negative regulation of equity concentration regulates the positive correlation between executive incentives and corporate R&D investment.It can be concluded that the improvement of entrepreneurial capabilities not only needs to resolve the conflicts between shareholders and managers through executive incentives,but also requires reasonable arrangements for equity structure to alleviate conflicts of interest between large shareholders and small shareholders. |
