经营者股权激励、创新与企业价值——基于内生视角的经验分析
发布时间：2019-04-19 12:42
【摘要】：科技创新是国家调整经济结构的核心内容,是企业持续竞争优势和发展的源泉,近年来,我国RD投入保持持续快速增长的趋势。本文运用我国上市公司的经验数据考察经营者股权激励和企业创新之间的关系。运用两阶段最小二乘法回归发现,股权激励与企业创新呈现出互动关系:当企业研发投入增加时,企业倾向于选择降低股权激励的比例,研发投入增量与股权激励呈显著负相关关系;从股权激励对企业创新的影响来看,股权激励与企业创新呈现倒"U"型关系;同时,目前我国大部分公司股权激励的比例还未达到最优水平,为了提高股权激励的效果,企业需要探索出一套适合企业自身的股权激励方案,在设计激励考核指标时,要考虑建立有效的公司治理结构,增加市值的考核因素。在制度设计方面,有关部门需要不断完善制度建设,减少扰乱市场公平、影响市场健康发展的行为,从而建立健全股权激励制度,更好地发挥股权激励制度的激励效应。
[Abstract]:Scientific and technological innovation is the core content of national adjustment of economic structure and the source of sustainable competitive advantage and development of enterprises. In recent years, China's RD investment has maintained a trend of sustained and rapid growth. In this paper, the empirical data of listed companies in China are used to investigate the relationship between equity incentive and enterprise innovation. By using the two-stage least square regression method, it is found that there is an interactive relationship between equity incentive and enterprise innovation: when the R & D investment of enterprises increases, enterprises tend to choose to reduce the proportion of equity incentives. There is a significant negative correlation between R & D investment increment and equity incentive. From the perspective of the impact of equity incentive on enterprise innovation, the relationship between equity incentive and enterprise innovation is inverted "U" type; At the same time, at present, the proportion of equity incentive in most companies in China has not reached the optimal level. In order to improve the effect of equity incentive, enterprises need to explore a set of equity incentive schemes suitable for the enterprise itself. We should consider the establishment of an effective corporate governance structure, and increase the market value of the assessment factors. In the aspect of system design, the departments concerned need to improve the system construction constantly, reduce the behavior of disturbing the market fairness and affect the healthy development of the market, so as to establish and perfect the equity incentive system, and give better play to the incentive effect of the equity incentive system.
【作者单位】： 中国人民大学经济学院;
【分类号】：F273.1;F275
本文编号：2460952
[Abstract]:Scientific and technological innovation is the core content of national adjustment of economic structure and the source of sustainable competitive advantage and development of enterprises. In recent years, China's RD investment has maintained a trend of sustained and rapid growth. In this paper, the empirical data of listed companies in China are used to investigate the relationship between equity incentive and enterprise innovation. By using the two-stage least square regression method, it is found that there is an interactive relationship between equity incentive and enterprise innovation: when the R & D investment of enterprises increases, enterprises tend to choose to reduce the proportion of equity incentives. There is a significant negative correlation between R & D investment increment and equity incentive. From the perspective of the impact of equity incentive on enterprise innovation, the relationship between equity incentive and enterprise innovation is inverted "U" type; At the same time, at present, the proportion of equity incentive in most companies in China has not reached the optimal level. In order to improve the effect of equity incentive, enterprises need to explore a set of equity incentive schemes suitable for the enterprise itself. We should consider the establishment of an effective corporate governance structure, and increase the market value of the assessment factors. In the aspect of system design, the departments concerned need to improve the system construction constantly, reduce the behavior of disturbing the market fairness and affect the healthy development of the market, so as to establish and perfect the equity incentive system, and give better play to the incentive effect of the equity incentive system.
【作者单位】： 中国人民大学经济学院;
【分类号】：F273.1;F275
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