Research On The Relationship Between Corporate R&D Investment, Executive Compensation Stickiness And GEM Corporate Performanc

Promoting economic development requires innovation,especially at present,China is facing the neck problem,and needs to change from ’ Made in China ’ to ’ Created in China ’ as soon as possible.Therefore,it is necessary to continuously increase the support and investment in R&D of enterprises.About 90 % of GEM enterprises are high-tech enterprises,and their R&D investment is strong.At the same time,as the main decision makers of business activities,executives affect the decision-making of R&D investment intensity.Therefore,this paper takes the relevant data of GEM listed enterprises as the research sample for empirical analysis.At the same time,Shanghai Steel Union is selected as a case enterprise for analysis.Combining empirical and case analysis,this paper discusses the impact of R&D investment on enterprise performance and the moderating effect of executive compensation stickiness between the two.The conclusions are as follows :(1)For GEM enterprises,R&D investment has a negative correlation with the impact of the current of enterprise performance.The reason is that the current R&D investment intensity of GEM enterprises is insufficient,and R&D investment needs to be increased more greatly.(2)The executive compensation of GEM enterprises is sticky,that is,there is a substantial increase in executive compensation when the performance rises,but a small reduction in executive compensation when the performance declines,and even give appropriate incentives.(3)The stickiness of executive compensation in GEM enterprises weakens the negative impact of R&D investment on corporate performance,that is,heavy rewards and light punishments for executives help to enhance the enthusiasm of executives,thus creating more benefits for enterprises.Finally,according to the conclusion of this paper,relevant suggestions are put forward for GEM enterprises.The research contributions of this paper include :(1)From the perspective of executive compensation stickiness,test its moderating effect between R&D investment and corporate performance;(2)Previous studies on the relationship between R&D investment and corporate performance are mostly based on the entire A-share market.This paper chooses the market segment with high R&D investment intensity-GEM enterprises as the research object.