Study On The Influence Of Financing Constraint And Management Incentive On R&D Innovation Of Private High-tech Enterprises

Considering the background of economic transformation,it can be seen that R&D innovation is of great significance to the long-term development of the whole macro-economy and micro-enterprises.And enterprise R&D innovation is an important part of national R&D innovation and promoting factor,especially high-tech enterprises.In terms of the influencing factors of enterprise R&D innovation,there have been a lot of researches on the basis of external environment factors or the factors of enterprises themselves,which have provided the foundation and enlightenment for this research: enterprise managers and financing constraints have important influences on R&D decision-making and development.In addition,considering the different governance structure of private enterprises(compared with state-owned enterprises),the incentive effect of management is different from that of state-owned enterprises,and private enterprises generally face more serious financing constraints.Therefore,this paper focuses on the mechanism and results of management incentives on R&D innovation of private high-tech enterprises in the context of financing constraints.In terms of the research framework,this paper divides the R&D innovation activities of private high-tech enterprises into two levels: R&D investment and R&D efficiency.The management incentive is divided into compensation incentive and equity incentive.Then,this paper discusses the influences of financing constraints and management incentives on R&D investment,and the influence of financing constraints and management incentives on R&D efficiency.In addition,this paper explores whether the two ways of management incentives have interactive effects on R&D investment(R&D efficiency).On the basis of principal-agent theory,optimal contract theory,residual claim theory,human capital theory and financing constraint theory,this paper puts forward the following assumptions.In terms of R&D investment :(1)financing constraints have a significant inhibitory effecton R&D investment;(2)both of the two management incentive methods have a significant promoting effect on R&D investment;(3)financing constraints have a negative moderating effect on "management incentives to promote R&D investment".In terms of R&D efficiency,(1)financing constraints have a significant promoting effect on R&D efficiency;(2)both of the two management incentive methods have a significant promoting effect on R&D efficiency;(3)financing constraints have a positive moderating effect on "management incentives to promote R&D efficiency".About the discussion on the interaction effect of the two management incentive modes :(1)the two management incentive modes have complementary effects on R&D investment,and the influence of salary incentive on "equity incentive to promote R&D investment" is greater than that of equity incentive on "salary incentive to promote R&D investment".(2)the two management incentive methods have complementary effects on R&D efficiency,and the influence of compensation incentive on "equity incentive to promote R&D efficiency" is greater than that on "equity incentive to promote R&D efficiency".In terms of empirical test,this paper,on the basis of constructing the corresponding index and selecting the corresponding variables,verifies the above hypothesis through the adjustment effect model pair.The robustness of the empirical results is tested by replacing the model fitting method and the construction method of key variables.In the conclusion,this paper believes that there is still room for private high-tech enterprises to further strengthen their R&D investment and improve their R&D efficiency.It is suggested that enterprises should design compensation contracts and equity incentive schemes that are beneficial to R&D innovation,and that the management should adopt the incentive mode of "compensation before equity".