Research On The Influence Of The Vertical Dyad Difference Of Chairman-General Manager On Firm Innovation Strategy

Now our country is in an important stage of economic development transition.Increasing technological innovation capability is not only conducive to obtaining the high profit of enterprises,stabilizing their advantageous position in the market,but also promoting the high quality economic development of our country.However,at present,our innovation impetus is insufficient and the innovation advantage is not obvious,which urgently requires our country to make adjustments in time and increase innovation investment to improve international competitive advantage.As the most active subject in the market economy,enterprises shoulder the mission of improving innovation performance,and the improvement of their technological innovation ability depends on the strong investment in innovation research and development.As an important part of corporate strategy,innovation investment activities need a large amount of long-term resource support.As the top maker and executor of corporate strategic decisions,the chairman and general manager’s risk cognition and willingness to undertake innovation investment projects are important factors affecting the intensity of enterprise innovation investment.However,due to the distance between the two positions,they may have different opinions on values and decision-making styles.Equity incentive can guide senior executives to actively participate in enterprise technological innovation activities,effectively alleviate the interest divergence between the chairman and the general manager,and improve the investment in innovation.Then,how does the difference between the vertical pair of chairman and general manager affect the innovation input of enterprises? How do equity incentives for general managers and different property rights affect the relationship between them?Centering on the above issues,this paper summarizes the relevant theoretical basis,summarizes the domestic and foreign research results on vertical pair characteristics,enterprise innovation investment and equity incentive,and proposes research hypotheses based on the existing research results and theoretical basis.In order to ensure the rationality and stability of the data,this paper selects the A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as samples to build A research model,and uses STATA software to carry out empirical analysis and robustness test on the research hypothesis.The conclusions of this paper are as follows:(1)The vertical pairs of age,educational background and tenure of the chairman and general manager are positively correlated with the innovation input of enterprises.(2)The equity incentive of general manager will enhance the positive influence of the vertical difference between the chairman and general manager on the enterprise innovation input.(3)Compared with state-owned enterprises,in non-state-owned enterprises,the vertical pairs of age and education of chairman and general manager have a stronger positive effect on innovation input,while the vertical pairs of tenure have no difference.Based on the above conclusions,this paper puts forward some suggestions on optimizing the allocation of senior team members,introducing appropriate equity incentive mechanism and increasing enterprise innovation investment,and looks forward to future research.