Executive Compensation Incentives Mediaattention And R&D Investments

The national technological innovation project plan of the 13 th Five-Year Plan of our country puts forward that it is of great significance to build and perfect the technological innovation system,and to enhance the innovation ability and industrial competitiveness of enterprises significantly,which is of great significance to the development of our economy.Only by continuously improving the technological innovation ability of enterprises,can enterprises have a competitive advantage in the market competition.The investment of enterprise R&D(Research and Development,abbreviation: R&D)is an important factor that affects the ability of enterprise technological innovation,and it is a very important strategic investment behavior in the process of enterprise development.As the core of the company,executive compensation incentive affects the enterprise the important internal factors of R&D behavior,and the news media,as the supervisory force of public opinion,is the external factor that affects the behavior of corporate executives and companies.With the help of the booming network technology,the news media has played an important role in restraining and supervising the company's behavior.Media reports on the company will cause strong public opinion,can have a significant impact on the development of more enterprises,and become an important part of the enterprise supervision system in China.Under this background,this paper takes A listed companies from 2011 to 2018 as a research sample to study the impact of executive compensation incentives on enterprise R&D investment and explore media concerns moderating role in the relationship between executive compensation incentive and R&D investment.First of all,using literature research and normative research methodology,this paper expounds the research background and significance,reviews and summarizes the relevant literature,such as executive compensation incentive,media attention and R&D investment,and puts forward the research objectives of this paper.Secondly,we definethe concept of the main research variables,based on the theory of technological innovation theory,principal-agent theory,incentive theory,media governance theory and market pressure mechanism,analyze the logical relationship between the research variables,put forward the research hypothesis and construct the research model.Finally,using empirical research methods,through descriptive statistics,Pearson correlation test,multiple regression,And the robustness test and so on to carry on the mathematical test to this article research goal,and according to the research result puts forward the corresponding policy suggestion,carries on the summary to this article research insufficiency and the research prospect.The conclusions of this study are as follows :(1)there is a significant positive correlation between executive compensation incentive and R&D investment.executive compensation incentives promote R&D investment.the more compensation incentives company executives receive that year,the more R&D investment companies have,and the nature of corporate property rights will not have an impact on the positive relationship between executive compensation incentives and R&D investment.(2)Media attention plays a positive moderating role in the relationship between executive compensation incentives and R&D investment.For the whole sample,when the company is in the environment of higher media attention,objective and fair media reports play a role in media governance,which positively regulates the relationship between executive compensation incentives and R&D investment.(3)The moderating effect of media attention exists only in non-State enterprises.According to the nature of enterprise property rights group test,the study found that media attention can only play a positive regulatory role in non-state-owned enterprises,and did not play a regulatory role in state-owned enterprises,that is,media concern that only non-state-owned enterprises can strengthen the promotion of executive compensation incentives to enterprises R&D investment.(4)Subdivision into neutral media concerns and non-neutral media concerns for group regression test,but also R&D investment lag phase of the regression test,the conclusion remains true.