Enterprises Operate In Countries Along The "the Belt And Road" And Their Innovation Performance

Since its inception at the end of 2013,the "the Belt and Road" initiative has attracted the participation of more and more countries and regions,providing a new way of thinking for addressing the problems of domestic overcapacity,high leverage,high inventory and insufficient domestic demand,and opening up a new path for China's economic development.As the most direct and important participant in the construction of "One Belt And One Road",enterprises play a crucial role in the construction of "the Belt and Road" to build the "Innovation Road",which determines the sustainability and vitality of the construction of "the Belt and Road".The purpose of employees to serve enterprises is for compensation,and the senior executives are no exception.Senior executives are the makers of strategic decisions of enterprises.The satisfaction degree of senior executives on compensation will directly affect the allocation of innovation resources and the output efficiency of innovation performance after enterprises participate in the "the Belt and Road" operation.Then,can enterprises participate in the operation of countries along the belt and road and allocate resources in the international market to improve their innovation performance? How does the compensation gap within the executive team and the compensation gap outside the executive team adjust?Based on the above background,this paper selects the data of a-share listed companies in Shanghai and shenzhen from 2013 to 2018,and USES multiple regression analysis method to analyze the direct impact of enterprises' participation in "the Belt and Road" on innovation performance,as well as the moderating effect of the internal pay gap of the executive team and the external pay gap of the executive on the two.The empirical results show that :(1)in the whole sample,participating in the "the Belt and Road" operation has a significant positive effect on the innovation performance of enterprises,and the internal pay gap and external pay gap of executives have a significant negative regulating effect on the relationship between the "the Belt and Road" operation and the innovation performance of enterprises.(2)to distinguish the nature of property rights,it is found that whether state-owned enterprises or non-state-owned enterprises,participating in the "the Belt and Road" operation has a significant positive effect on the innovation performance of enterprises.In state-owned enterprises,the internal pay gap of the executive team and the external pay gap of the executive have a significant negative regulating effect on the relationship between the participation in "the Belt and Road" operation and the innovation performance of the enterprise.In non-state-owned enterprises,the moderating effects of the internal pay gap of the executive team and the external pay gap of the executive on the enterprise's participation in "the Belt and Road" operation and innovation performance have not passed the statistical test.The Heckman test and the propensity score matching test were used to overcome the problem of sample selection,and the robustness test was carried out to replace the explained variables and the lagging explanatory variables.This article embarks from the enterprise microscopic to participate in the "area",considering the regulating effect of executive pay gap,probe into its influence on innovation performance,will participate in the "area" management,executive pay gap and innovation performance in the same analysis framework,enrich the enterprise microscopic aspects involved in research of the construction of the "region",all the way for our country area construction to provide the reference.