How to effectively finance innovation and how to motivate corporate executives are important topics for technological innovation.From the perspective of salary incentive,this paper examines the effect mechanism and influence effect of stock liquidity on enterprise technology innovation.It is found that the low transaction cost brought by stock liquidity can not only promote the formation of major shareholders and improve the firm governance structure,but also make investors tend to short-term arbitrage and increase the pressure on enterprises to be acquired.Further research shows that executive salary incentives can alleviate principal-agent conflicts and drive executives to optimize innovation decisions.Therefore,moderate liquidity and executive salary incentives can promote technological innovation more effectively.This paper enriches the relevant theoretical research of enterprise technology innovation from the cross perspective of external capital market and internal executive incentive,and proposes that multiple measures should be taken to improve the efficient system of the capital market,establish the information release platform for scientific and technological innovation projects,improve the early warning and prevention mechanism of the capital market,and create an innovation culture inclusive of failure,in order to provide reference for promoting the technological innovation of enterprises.
stock liquidityenterprise technology innovationshortsightedness of executivessalary incentives
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