- 期刊
Equity Mix, Salary Gap and Enterprise Innovation Investment - An Empirical Study based on the Reform of Mixed Ownership of State-owned Enterprises
摘要
State owned enterprises are the backbone of China's economic development. Deepening the reform of state-owned enterprises can enhance the vitality and core competitiveness of the state-owned economy. In the process of promoting the reform of mixed ownership of state-owned enterprises, the degree of equity mixing of enterprises has gradually increased, and the level of innovation investment of enterprises has also been affected. Innovation is an important factor to consider the competitiveness and sustainable development ability of enterprises. Therefore, based on the background of the mixed reform of state-owned enterprises, this paper takes the state-owned enterprises listed in Shanghai and Shenzhen from 2014 to 2020 as a sample, and based on the principal-agent theory and tournament theory, studies the impact of equity mix and executive employee compensation gap on enterprise innovation investment. The empirical results show that there is a significant positive correlation between the executive employee pay gap and the degree of ownership mix in state-owned enterprises and enterprise innovation investment after the mixed reform; The higher the degree of equity mix, the more obvious the promotion effect of executive employee pay gap on enterprise innovation investment.