The Effect Of Management Compensation Incentive And R&D Investment On The Performance Of New Energy Listed Companies

The new type of energy,mainly renewable energy,is the inevitable trend of energy structure reform and development,and is also the focus of future high-tech competition.And the R & D expenditure represents the independent innovation ability and internal development motive force of the new energy listed company.However,the existence of the principal-agent relationship,the "moral hazard" and adverse selection of the management may make the management choose not to invest in R & D for its own interests and reputation,and increase the agency cost of the enterprise.Therefore,how to use compensation incentive to alleviate the new energy listed company’s principal-agent problem,increase R & D Investment,improve corporate performance is an important issue to be resolved in the new energy listed company’s governance.The purpose of this paper is to explore the interaction and influence among Management Compensation Incentive,R & D Investment and firm performance in new energy listed companies,explore the new energy listed companies through the improvement of management compensation incentive methods,promote R & D investment,improve enterprise performance.To perfect the theoretical basis of new energy listed companies compensation incentive,promote energy to energy conservation and environmental protection,health and efficient reform to maintain the significance of stable development of enterprises.The research method of this paper is empirical research method.First of all,through the study of historical literature,we study the theories of principal-agent theory,motivation theory and technological innovation theory,and collate and analyze the research results related to Managerial Compensation Incentive,R & D Investment and enterprise performance,the theoretical framework of "Management Compensation Incentive-r & D Investment decision-enterprise performance" is constructed and the research hypothesis is put forward.Then,the new energy listed companies from 2014 to 2018 are selected as the research sample,and the key variables such as Management Compensation Incentive,R & D Investment and Enterprise’s comprehensive performance are analyzed by descriptive statistics,then analyze the difference of demographic variables to key variables,finally,the correlation analysis of the main variables in the paper and the regression model are set up to explore the effects of Managerial Compensation Incentive,R & D investment,Enterprise’s overall performance and its main components,the paper also analyzes the mechanism of R & D investment between managerial compenseation incentive and enterprise comprehensive performance.The conclusion of this paper is that there is a positive effect between management compensation incentive and comprehensive performance,which is embodied in the profitability and asset operation ability of the company,and has a weak correlation with the debt paying ability of the company The R & D investment of new energy listed companies has a significant positive impact on enterprise performance,and the impact has a lag,the effect is best in the second phase of the investment,and carrying out R & D activities can improve the debt-paying ability and profitability of enterprises,however,a large amount of resources occupied during the R & D period will reduce the capability of assets operation,and the R &D investment has a partial mediating effect between the managerial compensation incentive and the overall performance of the enterprise,the proportion of mediating effect is 25.17%.