Research On The Impact Of Executive Incentives On Innovation Performance Of Small And Medium-sized High-tech Enterprises

In the context of rapid economic and technological changes,innovation has become the key to enhancing the competitiveness of enterprises and promoting their rapid and sustainable development.The establishment of an effective incentive mechanism is an important prerequisite to promote the active innovation of enterprise executives and to improve the innovation performance of the entire enterprise.Salary,equity and promotion incentives as the three main incentive methods of an enterprise can effectively alleviate the agency problem and reduce agency costs.However,most of the current research on executive incentives is to explore the relationship between them and the overall performance of enterprises,less considering the impact of executive incentives on corporate risk-taking and innovation performance under different institutional environments.The few studies are also based on Foreign background,and the incentive method is relatively simple.Therefore,this paper discusses the relationship between the three incentive methods of executive compensation,equity,and promotion and corporate innovation performance.The research sample selects high-tech enterprises in the GEM listed companies from 2010 to 2017,excluding missing values and undergoing data tailing.Obtained 1596 sample data.The thesis manually sorted and calculated the measurement index values of various variables,and conducted empirical research using STATA software,examining the impact of executive incentives on corporate innovation performance,the intermediary role of corporate risk-taking and the regulatory role of the institutional environment,and The internal mechanism of action has been studied in more depth.The results show that:(1)executive compensation and equity incentives have a significant positive impact on corporate innovation performance,and executive promotion incentives have a significant negative impact on corporate innovation performance;(2)corporate risk-bearing is in executive compensation and equity 3.Promotion incentives and innovation performance all play a part of the intermediary role in the three paths;(3)The institutional environment plays a positive,positive and negative regulatory role in the three action paths.and the institutional environment plays a role in the relationship between executive promotionincentives and corporate innovation performance.The mediating role of the intermediary.Combining the research conclusion text with specific countermeasures and suggestions is of great guiding significance for enterprises to improve the incentive mechanism and improve innovation performance.