摘要
高管与核心技术员工作用于创新的不同过程,同时也是股权激励计划的主要激励对象,两者股权激励的互动效应对创新的影响值得探讨。选取2009—2015年成功实施股权激励的深A上市中小板与创业板公司为研究对象,考察员工股权激励对高管股权激励在中小企业创新中的影响及其作用机制。研究结果表明:实施股权激励计划能够显著增加企业研发投入与创新产出;相较于高管,核心技术员工股权激励强度越大,企业创新数量越多、质量越高;高管股权激励降低了创新转化效率。进一步地,融资支持效应和人才激励效应是员工股权激励补充促进创新的重要机制;代理成本在高管股权激励与研发投入关系中起遮掩作用。
The different processes of senior executives and core technicians are used for innovation,and they are also the main incentive objects of equity incentive plans,and the interactive effect of equity incentives on innovation is worth exploring.The small and medium‐sized enterprise(SME)and growth enterprise market(GEM)that successfully implemented equity incentives from 2009 to 2015 were selected as research objects,and the impact of employee equity incentives on executive equity incentives in the innovation of smes and their mechanisms were examined.The research results show that the implementation of equity incentive plans can significantly increase the quantity and quality of R&D investment and innovation output of enterprises.Compared with the senior executive equity incentive,the greater the equity incentive intensity of core technical employees,the more innovative output and the higher the quality of small and medium‐sized enterprises.Executive equity incentives have a negative regulatory effect on the conversion rate of enterprise innovation.Further,the financing support effect and talent incentive effect are important mechanisms for employee equity incentive supplementation to promote innovation.The increase in R&D investment brought about by executive equity incentives cannot be regarded as a relief of the agency problem,but in essence,it is the performance result of the agency problem of the enterprise,and the agency cost plays a role in covering it.
作者
陈云桥
李杰
郝晗
Chen Yunqiao;Li Jie;Hao Han(School of Economics and Management,Yan’an University,Yan’an 716000,Shaanxi,China)
出处
《技术经济》
CSSCI
北大核心
2022年第9期72-82,共11页
Journal of Technology Economics
基金
国家社会科学基金一般项目“数字技术驱动下的我国人口分布转型研究”(21BRK033)
延安大学研究生教育创新计划项目“混改背景下控制权配置与公司绩效的区间效应研究-基于实证与案例相结合的方法”(YCX2021042)。
关键词
高管股权激励
员工股权激励
融资约束
人才激励
企业创新
executive equity incentives
employee equity incentives
financing constraints
talent incentives
enterprise innovation
