Research On The Relationship Between Senior Executives’ Shareholding Ratio,R&D Investment And Enterprise Performance

Looking back on the development of Chinese enterprises in the past ten years,along with the deepening of reform,Chinese enterprises are facing transformation,and the transformation of manufacturing enterprises has become one of the important links of enterprise reform.The chemical industry plays a leading role in manufacturing enterprises,which is an important part of China’s economic development.It makes an important contribution in the initial stage of China’s economy.However,the traditional chemical industry enterprises have low resource utilization,backward technology and serious pollution.Therefore,the chemical industry enterprises need to take a sustainable development path,optimize the existing industrial chain and improve the enterprises The core creativity of the industry should give full play to the positive role of science and technology in the industrial transformation.And R&D investment is the best measure of enterprise innovation and R&D.The purpose of R&D investment is to improve the production efficiency and reduce the production cost,so as to be invincible in the increasingly fierce competition environment.It can be seen that R&D investment has far-reaching significance for the growth and development of enterprises.The R&D investment depends on the decision-making of the enterprise.As the decision-maker of the enterprise,the senior managers determine the R&D investment intensity of the enterprise.However,the principal-agent theory shows that as an agent,executives are unwilling to increase their own risk to invest in R&D innovation projects with high risk,high return and long risk of return.Therefore,enterprises need to use incentive methods to motivate executives to hold the company’s equity,so that they can consider and make decisions from the perspective of the company’s long-term development,and do not stick to the company The short-term interests of the industry,to achieve a win-win situation for the company and executives.In view of this,this paper selects three chemical industry enterprises for a simple multi case analysis,combines the literature and theoretical basis to lead to the hypothesis,and selects 89 companies in the chemical industry of the main board from 2014 to 2018 as the research object,taking the company size,equity concentration,growth and debt ratio as the control variables,and establishes a model for empirical analysis.The results show that:first,the proportion of ESOP and corporate performance show an inverted U-shaped relationship;second,R&D investment and corporate performance are positively correlated;third,R&D investment has a positive regulatory effect on ESOP and corporate performance.Through the research,we think that enterprises should improve the governance mechanism,build a reasonable equity structure,pay attention to research and development,and improve enterprise performance.The state should also improve the system and policies to guide enterprises to enhance their awareness of R&D.