TMT Education Characteristics,TMT Incentives And Innovation Performance

China's economic has entered the "new normal" state of the economy and is moving toward optimization and stability,and the "new normal" places emphasis more on "innovation-driven" to positive effect of economic growth.Innovative high-tech enterprises,as the main carrier of innovation-driven development,can reflect the competitiveness of a country.The most important influence factor of high-tech enterprise innovation performance is the top management team(TMT)with different characteristics and different cognitive abilities.The educational characteristics of the TMT can reflect the TMT's human capital level.However,if you want to motivate the TMT's enthusiasm for corporate innovation performance,you need the external motivation,which is an incentive mechanism of TMT's motivation.This drives many scholars to do deep research on executive incentive mechanisms.Moreover,compared with the traditional industries,the ownership concentration of high-tech companies is quite different.In this regard,the thesis researches 154 A-share companies listed on the Shanghai and Shenzhen stock markets from 2012 to 2017,and studies the relationship between educational characteristics of TMT,executive incentives and corporate innovation performance,and further studies of the classification of equity concentration.The empirical research results show that the average educational level of TMT is higher,the enterprise innovation performance is more significant,but the education heterogeneity of TMT is negatively related to the corporate innovation performance.Executive incentives are beneficial to improve corporate innovation performance.Under the adjustment of TMT incentive mechanisms,the educational characteristics of TMT are significantly positively related to corporate innovation performance.The degree of ownership concentration is lower,the TMT's education characteristics and salary incentives are positively correlated with innovation performance,and equity incentives are negatively correlated with innovation performance.The degree of ownership concentration is lower,the TMT's equity incentives and compensation incentives are different,the correlation between TMT education characteristics and innovation performance is also different.