Empirical Research On The Relationship Among Managerial Equity Incentives,R&D Investment And Firm Performance

From a global perspective,the global new round of scientific and technological revolutions and industrial changes continue to deepen,and competition around the dominance of technological routes,the division of value chains,and the industrial ecology has become increasingly fierce.From the domestic situation,China's economic development has entered a new normal,its development momentum is accelerating its transformation,and new kinetic energy,centered on technology research and development,has been given birth.The information technology industry is the core force that leads science and technology innovation,drives the economic and social transformation and development,and is the core support for the construction of a manufacturing powerhouse and an internet powerhouse.Equity incentives are an important part of the modern corporate governance system and play a positive role in promoting the R&D investment behavior of enterprises.At the same time,they will also have an impact on the operating efficiency of the company.The management of a company enjoys the business decision-making power of the enterprise and guides the development of the enterprise's innovation activities.The innovation and output of the R&D investment activities play an important role in improving the business performance of the enterprise.It can be seen from this that managerial equity incentives not only have a direct effect on the economic performance of the company,but also exist indirectly through the intermediary variables such as R&D input.This article will include managerial equity incentives,R & D investment and corporate performance in the same research framework,tentative study of "Managerial equity incentives-R&D investment – Firm performance" between the three what kind of mechanism and conduction relationship.This article selects listed companies in the information technology industry as research objects.Based on the analysis of principal-agent theory,human capital theory,technological innovation theory,and core competitiveness theories,this paper collects and sorts existing relevant domestic and foreign research literature,and proposes the research hypothesis of this paper.,and further establish a corresponding regression model for empirical testing.377 sets of effective observation data were collected,and the incentive effect of equity incentives was firstly verified through propensity score matching method.Secondly,multiple regression analysis was used to examine the relationship between management equity incentives,R&D investment,and corporate performance.Then use R&D investment as a mediator to introduce the regression model,and further explore whether R&D investment plays an intermediary role in the relationship between managerial equity incentives and corporate performance.The empirical analysis results show that: In the information technology industry,the implementation of managerial equity incentives can produce a positive incentive effect;managerial equity incentives have a significant positive impact on the promotion of corporate performance;management equity incentives can help mobilize the enthusiasm of enterprises to carry out innovation activities and increase R&D investment;Raising the level of R&D investment will help to improve the company's operating performance;R&D investment plays a partial intermediary role between managerial equity incentives and firm performance.Finally,the paper points out the deficiencies in the research process of this paper,and further propose corresponding policy recommendations in light of the actual situation of the company.