CSR Performance, Executive Compensation Incentive and Innovation Investment of Chinese Private Enterprises under Dynamic Perspective

Based on social exchange theory, signal transmission theory and enterprise life cycle theory, this paper empirically analyzes the impact of CSR performance on enterprise innovation investment by taking the A-shares listed private enterprises in Shanghai and Shenzhen stock markets from 2009 to 2019 as research samples. At the same time, we pay attention to the moderating effect of executive compensation incentive, explore the dynamics of the influence mechanism in different life stages. The results show that: there is a significant positive correlation between CSR performance and enterprise innovation investment, that is, CSR behavior is conducive to the improvement of enterprise innovation investment intensity; Executive compensation incentive has a negative moderating effect on this relationship. The higher the incentive level of executive compensation, the weaker the positive impact of CSR performance on innovation investment. Further research shows that CSR performance affects innovation investment through the exchange of government resources and the promotion of market position, but the effects are different during the enterprise life cycle. Relevant conclusions enrich the theory and practice of CSR performance and enterprise innovation investment from the dynamic perspective, provide a theoretical basis for private enterprises to develop a reasonable and effective executive compensation incentive system.