基于研发支出和要素关系中介视角的股权激励效应分析

Equity Incentive Effect Analysis Based on R&D Expenditure and Factor Relationship

选取2011~2019年实施股权激励的627家制造业上市公司作为样本,从生产效率、公司绩效和公司价值三个方面实证考察了股权激励效应,采用中介效应分析方法,主要基于研发支出和要素关系的视角分析其间接作用效果的大小,并进一步对比分析了不同股权激励标的和不同控制权公司的股权激励效应和间接效应的异质性。分析结果显示,股权激励改善了委托代理关系,增加了研发支出,激发了高技能劳动者的潜力,促进了要素之间协调互补和合理配置,生产效率得以提高,企业绩效显著提升,企业价值明显增加。股权激励的标的和控制权不同,股权激励效果差异明显。

627 listed manufacturing companies that implemented equity incentive from 2011 to 2019 are selected as samples.The effects of equity incentive are empirically analyzed from three aspects:production efficiency,company performance and company value.The mediating efect model is used to analyze the indirect effects of equity incentive mainly from the perspectives of R&D expenditure and factor relationship.On this basis,the heterogeneity of equity incentive effects is discussed.Indirect effcts of different equity incentive objects and different companies with different control rights are further compared and analyzed.The results show that equity incentive has improved the principal-agent relationship,increased R&D expenditure,stimulated the potential of skilled workers,promoted the coordination and reasonable allocation of factors,which improved production efficiency,significantly improved company performance and increased company value.The objects of equity incentive and control rights are different,and the effcts of equity incentive are obviously different.