Research On Executive Motivation And Firm Performance Of High-Tech Listed Companies

Science and technology is always as an important internal driving force to promote national development.In the first year of the 14 th Five-Year Plan,the high-tech industry played an irreplaceable important role in the process of accelerating economic construction,becoming the backbone force to promote economic development.The high-tech industry is highly dependent on talents,and the core executives determine the development direction of enterprises.These elite managers with a keen business sense grasp the right to make strategic decisions,influence business results,and lead the development of enterprises and technological innovation.Designing a management mechanism compatible with incentives has always been the core of the research field of corporate governance.It can not only effectively improve corporate performance and social value,but also be an important means to maintain fairness and efficiency.In the report of the Party’s "Top 20",it was also proposed for the first time to "standardize the wealth accumulation mechanism,encourage hard work to become rich,and promote equality of opportunities".Chinese market economy is at a different stage.Whether the incentive method which is theoretically effective in the international frontier can be equally effective in the domestic market,how to make the interests of owners and managers converge.In order to better explore and give play to the positive promoting effect of executive incentive on enterprise performance,this paper,combined with the actual situation of Chinese enterprises and capital market,takes high-tech industry as the entry point to study the impact of executive incentive on enterprise performance.In this paper,the data of financial statements disclosed by Shanghai and Shenzhen A-shares for six consecutive years from 2016 to 2021 is selected as the empirical research sample.The growth rate of earnings per share and operating income is taken as the explained variables,and the short-term monetary compensation of senior executives,long-term shareholding ratio,equity incentive model,salary gap within senior executives’ teams,and on-job consumption of senior executives are taken as explanatory variables.The influence of different incentive forms on corporate performance is discussed by introducing the enterprise scale,asset-liability ratio,dual positions,property right nature,proportion of independent directors,equity concentration,stock index,average age of senior executives and year as control variables.Multiple regression method was used for the analysis.In order to ensure the reliability of the results,the endogeneity test was conducted on the explanatory variables lagging for one and two periods,and the robustness test was conducted by replacing the dependent variable with the return on total assets as the performance indicator.The results of literature and empirical research show that:(1)the level of short-term monetary compensation of senior executives is positive impact on performance;(2)The long-term shareholding ratio of senior executives has a curve effect on corporate performance,showing an inverted "U" shaped relationship,that is,when the shareholding ratio is within a certain level,the increase of the proportion can improve corporate performance,while when the proportion is too high,it is not conducive to the improvement of performance and there is the possibility of excessive incentive.Compared with stock options,restricted stock can improve corporate performance more.(3)The salary gap is positive impact on performance;(4)Executive in-service consumption has a significant negative impact on corporate performance;Compared with non-state-owned enterprises,in-service consumption of senior executives in state-owned enterprises has a stronger negative effect on performance.Finally,summarize the suggestions.