高管股权激励与企业创新

Executive Stock Incentives and Firm Innovation

中文关键词:  股权激励  创新  激励型  福利型

英文关键词:stock incentives  innovation  incentive-driven types  welfare-driven types

中文摘要:

      创新是企业寻找生机和出路的必要条件,在当代竞争激烈的社会环境下,创新则兴,不创新则亡。选取2006—2013年的A股制造业上市公司为样本,研究了高管股权激励对于企业创新有何影响。研究结果表明,股权激励的实施与企业的创新呈显著的正相关,即股权激励有利于提高企业的创新能力,这说明股权激励政策作为一种长期绩效机制,在我国的资本市场下对于企业的创新能够起到一定的促进作用。在进一步的研究中,对股权激励的类型进行区分,结果发现严格的激励型股权激励更能促进企业创新能力的提高,而严格的福利型股权激励对于创新的影响则不显著。研究结论丰富了高管薪酬制定与企业创新领域之间的文献,为股权激励的政策制定者提供指导性建议。

英文摘要:

      Innovation is necessary for companies' survival. Only the companies which are innovative can prosper. In this paper, we have studied the effect of executive stock incentives on companies' innovation,with the listed manufacturing companies from A shares between 2006 and 2013 as samples. The study shows that the stock incentives correlate positively with firm innovation, that is, stock incentives help to improve the firm innovation. It shows that the executive stock incentives, as a long-term performance mechanism, can play a role in promoting a company's innovation in Chinese capital market.What's more, we made distinctions between different types of stock incentives, and found that strict incentive stock incentives can promote the firm innovation, while the impact of the strict welfare stock incentives on innovation is not obvious.Conclusions of this study enrich the literature between executive payment and innovation of companies, and provide guiding advice for makers of stock incentive policy. 