Research On The Influence Of Executive Incentive On Enterprise Innovation Investment

In recent years,the international security situation has deteriorated,the global economic recovery has been weak,and the competition among big countries to seize the commanding heights of science and technology has become increasingly fierce.The complexity of the international pattern has brought us new challenges.The competition of scientific and technological strength has become the core element of the competition between countries.If our country wants to occupy a dominant position in the international competition,we must carry out innovation and reform.As an important driving force of national technological progress and economic growth,innovation plays an important role in magnifying the productivity of various production factors and improving the quality of development and economic benefits.Innovation as an important driving force of national technological progress and economic growth,the infiltration of innovation can enlarge the productivity of various factors of production and improve the quality of development and economic benefits.As the micro main body of China’s innovation activities,the level of innovation investment of enterprise affects the overall innovation ability of the country.As information collectors and decision makers,executives play a key role in enterprise resource allocation and innovation growth.However,due to the high risk and income uncertainty of innovation investment process,it will affect the personal income of senior executives in the short term,and then restrain their willingness to innovate,which will undoubtedly have a negative impact on the long-term development goal of enterprise.Therefore,it is of great practical significance to explore the impact of executive incentives on innovation investment in listed companies.From the perspective of incentive,this paper selects the panel data of A-share listed companies in China from 2016 to 2020 as a sample.Normative research,empirical research and comparative analysis are adopted as the main research methods,based on technological innovation theory,principal-agent theory,management defense theory and social identity theory.This paper empirically examines the effects of different executive incentive methods on enterprise innovation investment,and examines the moderating effects of ownership concentration and government subsidy.The interaction coefficient is used to test the role of moderator variable in the effect of executive incentives on enterprise innovation investment.In addition,taking into account the differential impact of regional environment,industry characteristics and nature of ownership,this paper further explores the situational factors of executive incentive on R&D promotion in the form of group test.Based on the empirical results,this study draws the following conclusions:(1)Salary incentive and autonomy incentive have positive promoting effect on enterprise innovation investment,and there is an inverted "U"relationship between ownership incentive and enterprise innovation investment,and moderate ownership incentive is beneficial to the innovation and development of enterprises.(2)Ownership concentration plays a negative role in moderating the relationship between executive incentive and enterprise innovation investment.(3)Government subsidy plays a positive moderating role between executive ownership incentive,autonomy incentive and enterprise innovation investment,but has no significant regulating effect on salary incentive.(4)Ownership incentives and autonomy incentives play a better incentive effect in the central and western regions where the overall level of development is relatively backward,while salary incentives play a better incentive effect in the eastern regions with a high level of development.(5)Executive incentive has a more significant impact on innovation investment in high-tech enterprises than on non-high-tech enterprises.(6)Different from private enterprises,executive incentive in state-owned enterprises plays a greater role in promoting innovation investment.This paper studies the influence path and situational effect of executive incentive on enterprise innovation investment,reveals the interaction of different internal governance factors,provides ideas for enterprises to optimize ownership structure and improve incentive mechanism.It also analyzes the impact of macroeconomic environment on the incentive effect,and provides a reference for the government to formulate subsidy policies.