摘要
高科技企业中科研人员的持股比例 ,对激励科研人员进一步开发科研成果和企业价值具有持续的作用 ,但这并不是说持股比例越高 ,对科研人员的激励作用就越大。在激励中须区分绩效和努力这两个不同的概念 ,对科研人员的激励是其绩效影响和边际产出影响综合作用的结果 ,在一定的科研成果的评估价值和企业最佳资产规模的共同约束下 ,这两种影响随着持股比例的变化而此长彼消。通过改变资本结构或将生产、销售环节分离为下游企业的方法 ,能提高科研人员的持股比例 ,但这并不意味着一定能提高激励的作用 。
The share proportion of researchers in high-tech firm has lasting incentives to develop their research and the firm value.But high share proportion does not always mean strong incentive. We must note the difference between paying for performance and paying for effort. The incentives of researchers result from both theaffection of paying for performance and the marginal productivity of effort. Subject to both the fixed appraised value of the research achievements and the optimum scale of the firm, the former affection goes up while the latter falls as the researcher's share proportion increases. We can increase the researcher's share proportion by either adjusting the capital structure or by spinning off the manufacture or distribution units in the chain. But it is not sure that this share proportion increase will result in the improvement of incentives. We must pay more attentions to the details.
出处
《科研管理》
CSSCI
北大核心
2000年第2期88-92,共5页
Science Research Management
