Analysis On The Influencing Factors Of R&D Investment In Chinese Enterprises

In the era ofknowledge-based economy,a country's national power is closely related to its technological level and the strong productivity because of technological innovation has become the most important factor in promoting social prosperity and development.China as one of the late countries,has gradually realized the importance of technological innovation,the government also vigorously guide our enterprises to achieve technological transformation and industrial upgrading.In this context,this paper explores the influencing factors of enterprises'R&D investment from the perspective of Behavioral Theory of the Firm and Agency Theory.Based on Behavioral Theory of the Firm and Agent Theory,this paper studies the impact of corporate behavior decision-making factors,executive compensation incentives on R&D investment and the impact of the combination of these two kinds of factors on R&D investment,and put forward the corresponding hypotheses.Based on the data of 4774 non-equilibrium panels in China listed company from 2010 to 2015,this paper used a fixed effect model to test the data by using Stata.The finds show that only attainment discrepancy has a significant incentive effect on firms'R&D investment,organizational slack has on significant influence on the firms' R&D investment under the backward-looking search behavior model.In the forward-looking firm behavior,the expected performance gap is positively correlated with R&D investment when the organization is expected to realize the capital market performance expectations.However,the expected performance gap is negatively correlated with R&D investment when the organization is expected to fail to achieve capital market performance expectations.At the same time,it is found that the monetary reward incentive of executives is positively related to the R&D investment of the enterprise,and it only plays a positive role in the relationship between attainment discrepancy and R&D investment.On the contrary,the stock ownership incentive of the executives has no direct influence on the R&D,but it negatively adjusts the relationship between the variables of behavior factors and the R&D investment.In the last part,this paper puts forward relevant policy suggestions from the angle of enterprise by combining the practical management significance of empirical results...