Innovation is the inexhaustible driving force for enterprises to achieve sustainable development and the key to maintain core competitiveness.In the《National innovation driven development strategy program(2016)》,it is proposed to realize the fundamental transformation of the driving force of development within15 years and occupy the forefront position of an innovation-driven country.In the increasingly complex market environment,the innovation ability of enterprises determines the development of companies,but also affects the level of economic development.Improving the innovation and research level of enterprises can not only promote the transformation of achievements,enhance the competitive advantage of enterprises,and realize the transformation of enterprise innovation.More can drive the innovation and upgrade of the industry,improve the competitiveness of the industry.As the management of the enterprise,the decision of the executive team affects the development of the enterprise.Correct decision-making can improve the competitiveness of enterprises and industry status.The characteristics of the senior management team reflect the personality,values and cognitive characteristics of the senior management members,which can help the enterprise owners to understand the operation of the organization,so as to make better use of the team characteristics for innovative research and development.At the same time,the commonly used incentive methods of executives(stock ownership incentive and salary incentive)can solve the principal-agent problem to some extent.Stock ownership incentive binds the rights and interests of the agent and the principal,thus stimulating the innovation and research of the enterprise.Compensation incentive helps enterprises to conduct innovative research and development by improving the enthusiasm of team members.Therefore,this paper introduces the characteristics of the internal senior management team of the enterprise.Starting from the characteristics of the team,this paper studies whether the team characteristics have a regulatory relationship with the incentive of the senior management and the r&d investment.The agency theory and the higher order theory are combined to discuss their influence on the research and development of enterprises,and on this basis,Suggestions and countermeasures are put forward.The research of this paper can be divided into the following aspects: first,theprevious relevant literature is summarized and analyzed,and sorted into a literature review;Secondly,the theories involved are sorted out,and the article hypothesis is put forward on this basis.Finally,according to the hypothesis,collate the data and carry out grouping regression.Through sorting out relevant data of listed manufacturing companies from 2014 to 2018,8,697 groups of samples were obtained.With the help of stata,the panel data obtained were regressed to the following empirical conclusions :(1)age heterogeneity was positively correlated with r&d investment;Tenure heterogeneity is negatively correlated with R&D investment.(2)stock ownership incentive is positively correlated with R&D investment;Salary incentive is positively correlated with R&D investment.(3)The ratio of female executives has a positive regulating effect on the relationship between equity incentive and R&D investment,and the ratio of female executives is a semi-regulating variable.The average age has a negative regulating effect on the relationship between equity incentive and R&D investment,and the average age is a semi-regulating variable.(4)The ratio of female executives has a negative regulating effect on the relationship between salary incentives and R&D investment,and the ratio of female executives is a semi-regulating variable;Average age has a negative regulating effect on the relationship between salary incentive and R&D investment,and average age is a homogenous regulating variable.Finally,Suggestions are given on the selection of team talents and the selection of incentive methods :(1)when selecting team members,we should pay attention to enrich the age level.At the same time,appropriately extend the term of the team members,conducive to the enterprise’s innovative research and development.(2)in the team with a high proportion of female executives,it is suitable to choose stock ownership incentive to stimulate enterprise r&d;In the team with a low proportion of female executives,it is suitable to choose the salary incentive to stimulate the enterprise’s research and development. |