民营企业股权激励计划与研发投入关系分析

A Study on the Relationship Between Equity Incentive Plan of A Private Listed Company and the R&D Input

以2008-2011年民营上市公司为样本，使用3SLS回归分析以及DID模型，从外部环境以及内部环境两个方面分析了我国民营企业股权激励计划对于企业研发投入的影响。实证研究发现，民营企业实施股权激励能够促进企业的研发投入，而高科技行业的民营企业实施股权激励能够加强这种正向影响；对于股权激励具体方案的分析表明，激励计划的有效期与研发投入有弱相关关系，行权条件当中非财务指标的使用对于企业研发投入有正向影响，但是相对绩效指标的使用则对于研发投入有抑制作用。

The paper analyzed the effect of the equity incentive plan on the corporate R＆D investment of a private listed company from the aspects of external environment and internal environment using 3 SLS regression models and DID model bases on the sample of private listed companies during 2008-2011. In this paper, we found that the equity incentive plans of private enterprises can promote enterprise＇s R＆D. The equity incentive plans of private enterprises in hightech industry can strengthen the positive effect. Based on an analysis of the equity incentive scheme, we found that the validity of the incentive plan has a weak correlation with R＆D. And the use of non-financial indicators in vesting conditions has a positive effect on the enterprise R＆D investment. But the relative performance indicators in vesting conditions have an inhibitory effect on the R＆D investment.