Research On The Internal Relationship Among Executive Incentive,Team Stability And Enterprise Innovation Efficiency

In today's society with rapid economic development,enterprises often fight fiercely for their own interests.Senior management,innovation efficiency and stability of senior management team become the core competitive elements of enterprises.Senior executives are regarded as the key figures of an enterprise because they are related to the utilization of enterprise resources,staffing,future development strategy and innovation efficiency.Their knowledge level,management ability and work efficiency affect the development prospect of an enterprise.Innovation efficiency is the key factor for enterprises to integrate limited resources and create maximum profits.Improving innovation efficiency is the biggest task for all enterprises at present.The stability of the senior management team determines the integrity of the organizational structure of the enterprise and the long-term stability of the development of the enterprise.China's Growth Enterprise Market(GEM)was founded in 2009,also known as the second board market.It is mainly small and medium-sized enterprises and emerging companies.It has obvious main business,prominent emerging industries and high price-earnings ratio.Since the establishment of GEM enterprises,the regulatory authorities have formulated many policies on the incentive of executives of listed companies.It is of great significance to study the internal relationship between the incentive of executives,team stability and innovation efficiency of listed companies on GEM.How to motivate senior managers and whether it is conducive to the improvement of innovation efficiency? Can the stability of enterprise team promote the efficiency of enterprise innovation? Does team stability have a moderating effect on executive compensation incentives and equity incentives? The discussion of the above-mentioned problems will have important guiding significance for the improvement of innovation efficiency of GEM listed companies.Based on this,on the basis of introducing the optimal contract theory,agency theory,power theory and incentive theory,this study selects companies listed on the Growth Enterprise Market from 2014 to 2018 as research samples,and uses SPSS22.0 software to study the internal relationship between executive incentive,team stability and innovation efficiency of companies listed on the Growth Enterprise Market.Finally,it also attempts to analyze and think through the game method.The main conclusions are as follows:(1)The implementation of executive compensation incentive in enterprises can improve the innovation efficiency of enterprises;(2)Enterprises' equity incentive to senior executives can also promote the innovation efficiency of enterprises;(3)There is a complementaryeffect between executive compensation incentive and equity incentive,and the combination incentive mode is conducive to strengthening the innovation efficiency of enterprises;(4)team stability is not conducive to the improvement of enterprise innovation efficiency;(5)Team stability has a negative moderating effect on corporate compensation incentives and equity incentives;(6)The team stability of manufacturing GEM enterprises has a negative moderating effect on "salary incentive-enterprise innovation efficiency" and a positive moderating effect on "equity incentive-enterprise innovation efficiency".Non-manufacturing GEM enterprises have the same test results as the original regression analysis.(7)Top management incentive and team stability in GEM enterprises can reach a balance of "enterprise incentive and unstable top management team" in interest disputes.Finally,based on the theoretical and empirical verification of the full text,this paper puts forward some strategic and forward-looking suggestions and decisions on improving the innovation efficiency of GEM listed companies.