Board Capital,Board Incentives And Executive Motivation Of High-Tech Enterprises

High-tech enterprises are the important driving force of national independent innovation,the pillar of national economy,and the key to national development.Board governance is the core of corporate governance and the institutional guarantee to enhance the competitive advantage of enterprises,especially for high-tech enterprises.At present,the compliance of board governance in China's high-tech enterprises is obviously improved,but the effectiveness is low.In particular,how to improve the performance of the board of directors of high-tech enterprises is an important problem that the country and enterprises need to solve urgently.High-tech enterprises are characterized by high knowledge,high technology and high growth.Board capital,a scarce and important resource,is very important for the development of high-tech enterprises.In view of this,taking high-tech enterprises as the research object,this paper studies the relationship between board capital and board governance performance and the regulatory role of executive incentives based on relevant theories of board governance.In this paper,high-tech enterprises listed in Shanghai and shenzhen from 2014 to 2018 were selected as samples.Based on the relevant theories of board governance,the mechanism of board capital's effect on board governance was studied.Then,the theoretical model was further constructed and the research hypothesis was proposed.The findings are as follows :(1)the depth of board capital in high-tech enterprises positively affects the performance of board governance;The higher the educational background of the high-tech enterprise board,the greater the governance performance of the board;The higher the degree of embedding in the board of directors of high-tech enterprises,the greater the governance performance of the board of directors;The higher the linkage degree of the board of directors of high-tech enterprises,the greater the governance performance of the board of directors.(2)the breadth of board capital positively affects the governance performance of the board,that is,the greater the breadth of board capital,the higher the governance performance of the board;The greater the heterogeneity of the functional background of the board of directors in hightech enterprises,the greater the governance performance of the board of directors.The greater the heterogeneity of the occupational background of the board of directors in high-tech enterprises,the greater the governance performance of the board of directors.The greater the heterogeneity is,the greater the governance performance is.(3)the incentive level of executive compensation in high-tech enterprises positively regulates the relationship between the capital depth of the board of directors and the governance performance of the board of directors,and the equity incentive level of senior executives positively regulates the relationship between the capital depth of the board of directors and the governance performance of the board of directors.However,the positive adjustment of the level of executive compensation incentive to the breadth of board capital and the performance of board governance,and the positive adjustment of the level of executive equity incentive to the breadth of board capital and the performance of board governance have not been verified.Finally,this paper proposes the following management Suggestions :(1)to build a reasonable and effective performance evaluation mechanism of board governance to improve the performance of board governance;(2)invite experts in the industry to implement professional management;(3)deploy experts in related industries to build an eco-type enterprise;(4)restrain CEO's intervention in board governance decisions to prevent the board of directors from becoming a one-line discussion;(5)appropriately introduce investment institutions to give full play to the advantages of venture investment institutions;(6)establish the business partnership system to realize the sharing of high interests and risks.This paper has the following contributions :(1)constructed the board capital and board governance model of high-tech enterprises.In this paper,the board governance performance is selected as the explained variable,and the role of board capital is investigated.(2)introduce the moderating variable of executive incentive to explore and improve the executive incentive mechanism;(3)considering the characteristics of high-tech enterprises such as high knowledge,high risk and high growth,the relationship between board capital and board governance of high-tech enterprises is specially studied to explore the particularity of board governance mechanism and incentive mechanism of high-tech enterprises.