作　　者： ;

机构地区： 华南师范大学

出　　处： 《科研管理》 2019年第8期253-262,共10页

摘　　要： 高管团队薪酬激励是否促进了企业创新投入?本文以企业高管团队薪酬激励政策与创新研发投入行为的关系为切入点,选取A股2009-2013年3862家上市公司作为观测样本,运用倾向得分法(PSM)克服样本选择偏误和内生性问题,综合采用多种匹配方法进行实证分析。研究发现:(1)整体而言,薪酬水平差距的提高并不能提高创新研发投入,但是股权激励却能对创新研发投入有显著正相关影响。(2)主板中股权激励对创新研发投入有显著正向影响,而薪酬水平差距在主板和创业板中都没有显著效果。(3)所有制性质对薪酬水平差距的影响不显著,但在非国有上市公司中股权激励变量与创新研发投入有显著正相关关系。(4)高新技术行业企业实施股权政策显著增加了企业创新研发投入,而薪酬水平差距则没有显著效果。(5)无风险投资参与的企业较有风险投资参与的企业对创新研发投入有显著正向效果。稳健性检验证实结论是可靠的。最后提出了高管团队薪酬激励创新投资的政策含义。 Since China’s reform and opening up in 1978,China has made remarkable achievements in politics,culture,society and economy.Especially in the past 40 years,China has become the second largest economy in the world after the United States,and is generally considered to be still the fastest growing economy in the world.However,behind this dazzling glory,we need to think clearly and realize that the driving factor of high economic growth is not only high investment and savings,but also technological innovation.However,have we ever thought about the driving factors of technological innovation?As the cell of national economy,the success or failure of enterprise’s production and operation is related to the development of social economy.In the national innovation system,enterprises are in the core position.They are not only the main force of R&D innovation activities and investment,but also the direct undertaker of productivity and products by applying science and technology to practice.Therefore,if we want to make our country prosperous,strong and sustainable,fundamentally improve the competitiveness at the national level and achieve the level of leading the world,we should start with'cells'to enhance enterprises’independent innovation ability at the micro level.However,whether innovation can be implemented and whether enterprises can develop are ultimately decided by senior managers.Senior managers are the main body of decision-making about technological innovation,and play a vital role in the process of technological innovation activities.R&D input in technological innovation is a long-term,high-cost,high-uncertainty activity.For executives,technological innovation requires high capital investment,which focuses on the long-term interests of the enterprise,rather than the short-term goals of the enterprise.The unknown success or failure of R&D investment results will make executives worry about making R&D investment decisions.They are afraid of putting greater pressure on the company’s short-term financial objec

关 键 词： 薪酬水平差距 股权激励 创新投入 倾向得分法

分 类 号： [F272.92]

领　　域： []