Research On The Relationship Between R&D Investment And Business Performance Of Enterprises In Strategic Emerging Industries

Strategic emerging industry is technology-intensive industry that play an important strategic role in supporting China's economic development.Executives affects the research and development activities,decision and implementation in the enterprise innovation and enterprise operating performance plays an important role in our relationship,this paper takes 2013-2018 A-share listed 678 strategic emerging industry enterprises as the research object,using the method of theoretical analysis and empirical analysis,studies the influence of R&D investment on enterprise performance,and study the relationship between the executive compensation incentive in both the regulating effect of regression analysis method was used to study the whole sample,seven points sample R&D investment and enterprise performance relationship;By means of regression analysis,this paper studies the regulation effect of compensation incentives on the whole sample of senior executives,the difference of the incentive regulation effect on senior executives in different subdivision industries,and the difference of the incentive regulation effect on senior executives in state-owned and non-state-owned enterprises.This paper consists of seven parts.The first part sorts out the relevant literature on the relationship between R&D investment,business performance and executive compensation incentive,and expounds the research ideas and methods of this paper.In the second part,the concepts of research and development investment,business performance,executive compensation incentive are defined,and technological innovation theory,principal-agent theory and incentive theory are studied.The third part analyzes the development status of strategic emerging industries and the status of R&D investment and executive compensation.The fourth part analyzes the influence of current R&D investment on enterprise business performance,the lagging influence of R&D investment on enterprise business performance,and the regulating effect of executive compensation incentive.In the fifth part,sample data and related variables are selected to build a regression model.In the sixth part,the influence of current R&D investment on enterprise business performance and the lagging influence of R&D investment on enterprise business performance are tested respectively in the order of full sample and sub-sample of seven industries.According to the whole sample,the samples of different ownership and the sub-samples of seven industries,the adjustment effect of short-term compensation incentive and the adjustment effect of long-term compensation incentive were tested respectively,and the results were discussed.The seventh part summarizes the research results of this paper,and puts forward relevant countermeasures and suggestions.This paper draws the following conclusions :(1)In the whole sample study,the R&D investment is negatively correlated with the business performance of the enterprise in the current period,and the R&D investment has a positive influence on the business performance of the enterprise with a lag.Besides study,this paper found that the positive influence of new material industry,energy saving and environmental protection industry in the first period when appear lag,high-end equipment manufacturing industry,a new generation of information technology industry,new energy industry,new energy automotive industry's positive influence in the second stage of lag,the positive influence of biological industry in the third phase lag.(2)In the full-sample study,both short-term executive compensation incentive and long-term executive compensation incentive have a positive regulating effect on the relationship between R&D investment and business performance.In addition,based on the grouping method of state-owned enterprises and non-state-owned enterprises,this paper makes a grouping study and finds that short-term executive compensation incentive has a positive regulating effect in both state-owned and non-state owned enterprises,while long-term executive compensation incentive only plays a significant positive regulating effect in non-state owned enterprises.Further study,found that the high-end equipment manufacturing industry,new energy industry executives short-term regulation of no significant incentive effect,a new generation of information technology industry,biological industry,new material industry,new energy automotive industry,energy conservation and environmental protection industry executives are significantly positive short-term salary incentive regulation effect;The long-term compensation incentive of senior executives in all sub-industries has significant positive adjustment effect.Finally,this paper puts forward the following four Suggestions: one,the enterprises strengthen the consciousness of innovation and promote the research and development activities,second,the enterprise to enhance investment in research and development,promote enterprise business performance continues to grow,three,enterprise use of executive compensation incentive system,promote innovation and development of the four,government departments to increase policy support,to build a good business environment.