Research on the Impact of RD Subsidies and Executive Compensation Incentives on Corporate RD Investment Based on Multiple Regression Models—Take Listed Pharmaceutical Manufacturing Companies as an Example

摘要

With the increasing encouragement of international competition, improving the innovation capabilities of pharmaceutical manufacturing companies is imminent, and increasing corporate R&D investment is the key to improving the level of innovation. By selecting the 2012-2018 data of listed pharmaceutical manufacturing companies as a sample, using multiple regression models, the empirical study of government R&D subsidies to R&D investment, executive compensation incentives to R&D investment and moderating role of executive compensation incentives. The results show that the impact of government R&D subsidies on enterprise R&D investment is “inverted U”, indicating that government R&D subsidies can promote enterprise R&D investment within a reasonable range.; Executive compensation incentives are positively related to corporate R&D investment, that is, with the increase in government R&D subsidies and executive compensation levels, it can promote the increase in R&D investment; in non-state-owned enterprises, executive compensation incentives are The influence of enterprise R&D investment can play a significant positive role in regulating and promoting enterprise R&D investment. However, in state-owned enterprises, this effect is not significant.