Research On The Influence Of Executive Incentive And R&D Investment On Enterprise Performance In Automobile Manufacturing Industry

In recent years,with the continuous development of China’s market economy,more perfect innovative research technologies began to appear in the economic field,especially in the R&D and investment of high and new technologies.Under the influence of globalization and technological reform,China’s automobile manufacturing industry is developing rapidly,and foreign automobile manufacturing enterprises are also constantly exporting high-quality automobiles to China,which makes domestic automobile manufacturing enterprises must increase R&D investment to improve the overall performance of automobiles.At the same time,the principal-agent problem is becoming more and more serious.In order to effectively solve the inconsistency between the owner’s goal and the agent’s goal,it is necessary to take some incentive measures for executives to reduce the disadvantages brought by principal-agent.Based on the principal-agent theory,incentive theory,human capital theory and technological innovation theory,and taking the data of automobile manufacturing enterprises from 2015 to 2019 as samples,this paper adopts the analysis methods of descriptive statistics,correlation analysis and multiple linear regression the relationship between R&D investment and financial performance is tested by regression.Finally,taking R&D investment as the intermediary variable,this paper studies its intermediary role in executive incentive and financial performance.The empirical results show that:First,executive compensation incentive has a significant positive impact on financial performance,R&D personnel investment and R&D fund investment,which has the same performance under short-term and long-term compensation incentive.Second,R&D funds and personnel investment have a significant positive impact on enterprise performance.Third,R&D investment has a complete intermediary effect on executives’ long-term shareholding incentive and financial performance.Fourth,the intermediary effect of R&D personnel investment on executive short-term and long-term salary incentive and financial performance is incomplete.Fifth,R&D personnel investment has no intermediary effect on the relationship between executive on-the-job consumption and financial performance.This paper believes that appropriate incentives for executives are conducive to the development of automobile manufacturing enterprises.Investing appropriate R&D personnel and R&D funds in automobile manufacturing enterprises can improve the quality and performance of automobiles,so as to enhance the reputation,competitiveness and influence of automobile brands in this field.