导　　师： 熊剑

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 科学技术对于一国经济发展越来越重要，而研发投资对于科学技术的发展同样越发不可或缺。对于中国的制造业来说，如何有效激励高管积极扩大企业的研发投资，并积极使得投入研发的资源得到充分利用，实现企业可持续增长和价值增值成为理论界与实务界共同面临的重要课题。本文的研究意义在尽量控制其他各种外部内部因素的情况下，探讨不同的薪酬机制与研发投资效率的关系。 本文首先将对研发投资效率与全要素生产率建立逻辑关系，以全要素生产率增长率代表研发投资效率。继而对全要素生产率进行估算，目的是研究中国制造业上市公司平均高管薪酬的相对高低与长短期激励方式对研发投资效率的影响。 通过本文研究发现，中国制造业上市公司基本符合原始C-D函数的特征，即劳动与资本的弹性之和为1。在控制诸如固定资产投入量、员工薪酬、研发投入量等因素后，本文发现，企业短期的平均高管薪酬比行业相对偏高对研发投资效率的影响并不显著，而企业采用长期股权激励方式对研发投资效率有显著的积极影响，具体表现为全要素生产率增长率的提高。 Science and technology is increasingly important for a country's economic development, andR/&D investment for the development of science and technology also increasingly indispensable.For China 's manufacturing industry nowadays, there are some serious issues being confrontedby theorists and practitioners including finding ways to effectively motivate executives toactively expand the company's R/&D investment, and to actively makes the investment inresearch and development resources be fully utilized to achieve sustainable growth andvalue-added business. Significance of this study is to try to explore the relationship betweendifferent management compensation systems and the efficiency of R/&D investment aftercontrolling a variety of other internal and external factors. This article will first establish a logical relationship between R/&D investment efficiency andtotal factor productivity growth, which will then be on behalf of the efficiency of the R/&Dinvestment. The purpose is to study how the relative executives’ compensation and the use oflong-term incentive plan affect the efficiency of R/&D investment. Through this study, it is found that Chinese manufacturing listed companies comply with thebasic features of the original C-D functions, namely the sum of the flexibility of labor and capitalis1. After controlling factors such as the amount of investment in fixed assets, employee salaries,and so the amount of R/&D investment, the paper found that there is no significant influence ofthe short-term pay grade over the efficiency of R/&D. Yet enterprises which adopt a long-termequity incentives have a significant positive impact on the efficiency of R/&D investment,specifically in order to improve total factor productivity growth.

关 键 词： 高管薪酬 研发投资 全要素生产率

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]