Executive Compensation Stickiness,Financing Constraints And R&D Investment

At the moment when China’s 14th Five-Year Plan and the long-term goal of 2035 are being implemented,it is the innovation-driven development strategy that has been at the core position in the overall situation of China’s modernization for a long time.In today’s world,various forces in the international forces check and balance each other,and they are in the simmering.We should take a long-term view of the situation from the perspective of long-term development.At present,the hard power of research and independent innovation in China’s high-tech field is not strong enough.If we want to lead the development trend in the future,we need sufficient high-tech reserves to create new industries,grasp the autonomy of core technologies in key fields,and improve the current situation of technology being controlled by others.Innovation in the field of high technology is a necessary condition for winning the initiative of future development.In order to take the lead in seizing the commanding height of future development,the world’s developed countries have already deployed strategic layouts in the forward-looking field.The pace of a new round of scientific and technological revolution is moving rapidly and quietly.All enterprises should feel the heavy responsibility on their shoulders and be conscientious and have the courage to break new heights in the field of science and technology.Under the guidance of realizing the mission of national rejuvenation and with the support of national preferential policies,high-tech enterprises have gradually developed and grown,and are at the forefront of China’s scientific and technological innovation.We should pay more attention to R&D investment of high-tech enterprises,explore the influencing factors of R&D investment,better promote enterprises to increase R&D investment,promote the rapid formation of R&D achievements,and accelerate the improvement of the overall efficiency of the national innovation system.By reading the literature at home and abroad,this paper combs and summarizes the current research conclusions of scholars from three aspects: the sticky characteristics of executive compensation in high-tech enterprises,the influencing factors of R&D investment and the regulatory role of financing constraints.Based on principal-agent theory,incentive theory and failure tolerance theory,this paper puts forward research hypotheses on the relationship between executive compensation stickiness,financing constraints and R&D investment through theoretical analysis.Taking the data of high-tech enterprises from 2018 to 2020 as samples,this paper uses multiple regression analysis method to explore the existence of executive pay stickiness in high-tech enterprises,the impact of executive pay stickiness on R&D investment,and the regulatory effect of financing constraints on the relationship between executive pay stickiness and R&D investment.After analyzing the multiple regression results,this paper reaches the following conclusions: First,the executive compensation of hightech enterprises has the characteristics of stickiness;Second,the stickiness of executive compensation in high-tech enterprises can promote R&D investment;Third,high-tech enterprises generally face the problem of financing constraints,and financing constraints will inhibit R&D investment;Fourth,financing constraints play a positive role in regulating the relationship between executive compensation stickiness and R&D investment.Finally,based on the above research conclusions,this paper puts forward the following suggestions on how to improve R&D investment in high-tech enterprises:Firstly,high-tech enterprises should reasonably use the promotion effect of executive salary stickiness on R&D investment.Shareholders should maintain a certain tolerance for the failure of executive R&D process,formulate a reasonable salary contract system,and use the characteristics of salary stickiness to improve R&D investment;Secondly,financing constraints are a common financing problem faced by high-tech enterprises.In the face of financing constraints,enterprises should formulate salary mechanisms of "failure tolerance" and "heavy reward and light punishment",give executives more trust,and executives have the ability to lead enterprises out of the financing crisis.