Abstract: Abstract: Based on upper echelon theory and compensation incentive theory, this paper to examine the effect of the executive group traits on corporate innovation with the data of China’ s small and medium-sized boards of listed companies from 2009 to 2014. And further more we use the method of clustering and FGLS to analyze the adjustment effect of executives pay on corporate innovation. We find that traits of executive group are significantly related to executive pay. We also find that the incentive factors of executive pay can positively related to the influence of executive group traits and corporate innovation. This paper not only enriches the theory of heterogeneity and upper echelon, but also provides a new perspective on research in enterprise innovation for small and medium-sized boards of listed companies. They document theoretical basis and empirical evidence for the study of enterprise innovation, and help managers to grasp the influence factors of enterprise innovation behavior.

摘要： 摘要：本文基于高层梯队理论和薪酬激励理论，采用聚类分析法和FGLS，以2009-2014年我国中小板上市公司数据为研究对象，实证检验了中小企业高管团体特征对企业创新的影响，并进一步分析高管薪酬对二者关系的调节作用。研究发现，中小板上市公司的高管团队特征影响了企业创新行为，高管薪酬在高管团队特征对企业创新行为影响中具有正加强效应，即高管薪酬在企业创新行为中发挥重要的激励促进作用，能调节高管团队异质性在企业创新行为中的影响。本研究不仅丰富了管理者异质性和高层梯队理论，为中小板上市公司薪酬激励在企业创新中的研究提供新的视角，同时也有助于政府部门掌握企业创新行为的影响因素，为研究企业创新行为提供理论依据和经验证据。