Research On The Relationship Between Executive Incentive And Technological Innovation In High-tech Enterprises

In 2014,general secretary Xi Jinping put forward the concept of "new normal" for the first time,indicating that China's economy has changed from high speed growth to high speed,and innovation has begun to lead the economic development as the main driving way.The concept of high-quality economic development was put forward in the 19 th National Congress of the Communist Party of China,which shows that the key stage of China's economy has changed from pursuing high speed to high quality.The key to high-quality development is scientific and technological innovation.There are many factors that affect scientific and technological innovation.As the leader of enterprise internal management,senior executives are bound to affect the formulation and implementation of innovation strategy,and then affect resource utilization and innovation efficiency.From the perspective of executive incentive,this paper finds that executive incentive intensity and methods have a direct impact on the R &D intensity of enterprises.Therefore,this paper chooses high-tech enterprises with concentrated innovation as the research object,starting from the principal-agent relationship between shareholders and executives,and taking the data of 2013-2017 as the research sample,analyzes the relationship between executive incentive and enterprise R &D intensity,and on this basis,discusses how shareholders choose incentive methods to guide enterprise innovation.The main research results of this paper are as follows:(1)monetary compensation incentive significantly affects the R &D intensity of enterprises.The higher the amount of compensation incentive,the higher the R &D intensity.(2)There is a significant inverted U-shaped relationship between executive equity incentive and R &D intensity,which shows a "gully" effect.(3)This paper studies the incentive combination of monetary compensation and equity incentive,and finds that there are complementary effects between them,and improving the proportion of equity incentive compensation in the incentive combination can promote the R &D intensity of enterprises.(4)This paper tests the regulatory effect of growth,and verifies that growth plays a regulatory role in high-tech enterprises.The conclusion of this paper shows that we should pay attention to the compensation structure of executive incentive in high-tech enterprises in China.Reasonable design will make the combination effect of compensation incentive and equity incentive play the maximum effect.This paper provides empirical evidence in the research direction of the relationship between executive incentive and R &D intensity,and provides the idea of executive incentive design for the shareholders of high-tech enterprises.