从研发支出角度看高科技企业创新与CEO薪酬 中外三个公司案例研究-企业管理专业专业论文.docxVIP

ABSTRACT High-tech firm is constantly innovative company, RD expenditure is the source of innovation. This study analyzes the correlativity between CEO cash compensation, CEO equity compensation, CEO total compensation and RD expenditure by the case of three same type firms in detail. The first two firms come from US, Motorola and Cisco System. It is found that Motorola ’s CEO compensation has not positive incentive on RD expenditure, even negative, its CEO cash compensation has negative correlativity with RD expenditure. However, Cisco’s CEO equity compensation and total compensation have positive correlativity with RD expenditure. Cisco’s compensation policy has innovative incentive. The last one is ZTE corporation. Obviously, ZTE lacks equity compensation incentive greatly. Its total compensation is mainly cash compensation. The analysis demonstrates there is positive correlativity between ZET’s cash compensation increase and RD expenditure increase. So ZET’s compensation encourages RD expenditure. The study also conducts comparative study among them. It concludes Cisco’s RD intensity is higher than Motorola’s. That explains mostly why Cisco is so innovative while Motorola is criticized for lack of inside innovation. ZET’s RD intensity is lower and should be improved. Moreover, all of their CEO compensation have positive correlativity with profitability indicators. Finally, the study analyzes ZTE’s stock incentive performance measures, and suggests some valuable advice on our country’s executive equity compensation incentive plan: First, in high-tech industry, CEO’s stock compensation should be bigger than others. Secondly, in high-tech industry, CEO’s compensation should encourage innovation. Thirdly, stock incentive plan should include characteristic performance indicator. Fourthly, CEO’s compensation plan should be independent of other executives. Fifthly, high-tech firm’s RD expenditure should depend on innovation strategy ,not other expense. KEY WORDS :