股权激励水平内部差距与企业创新

The Internal Gap of Equity Incentive Level and Enterprise Innovation

以2006—2018年A股实施股权激励的上市公司为研究样本,探讨了高管与核心员工之间股权激励水平的差距对企业创新的影响。研究发现:股权激励水平内部差距对高管和核心员工产生不同的激励效果。股权激励水平内部差距增大激励高管增加企业研发支出,但较大的内部差距对核心员工具有负面激励效应,抑制了企业创新产出。进一步研究发现:股权激励水平内部差距增加企业研发支出和降低企业创新产出的效果在激励工具为股票期权的企业、非国有企业以及产品市场竞争激烈的企业中更为明显。研究结论对股权激励契约设计及实施核心员工持股计划的激励机制改革提供了理论依据和政策参考。

Taking the A-shares listed companies that implement equity incentive in 2006 to 2018 as research samples,this article explores the impact of the gap of equity incentive levels between senior executives and core employees on corporate innovation.The study finds that the internal gap of equity incentive levels has different incentive effects on executives and core employees.The internal gap increase in equity incentive levels encourages executives to increase corporate R&D expenditures,but a large internal gap has a negative incentive effect on core employees,inhibiting the innovation output of companies.Further research has found that the above mentioned two effects are more significant in companies with stock options as incentive tools,non-state-owned companies,and companies with intense product market competition.The conclusion provides a theoretical basis and policy reference for the design of equity incentive contract and the implementation of the incentive mechanism reform of stock ownership plan of core employee.