高管薪酬、政治关联与企业创新绩效

Executive compensation,political connections and corporate innovation performance

本文选取2012—2017年A股制造业上市公司为研究样本,将高管薪酬激励分为货币薪酬、在职消费、股权薪酬,分别研究其对企业创新绩效的影响,并在此基础上探讨了政治关联在两者关系之间的调节效应。根据实证结果发现,高管货币薪酬、在职消费、股权薪酬均对企业的创新绩效产出有正向影响,政治关联在高管货币薪酬与创新绩效间起正向调节作用。

This paper selected A-share manufacturing listed companies from 2012 to 2017 as research samples,divided executive compensation incentive into monetary compensation,on-the-job consumption and equity compensation to study their impact on cororate innovation performance,and discussed the moderating effect of political association between the two.According to the empirical results,it is found that executive monetary compensation,on-the-job consumption and equity compensation all have a positive impact on corporate innovation performance.Political correlation plays a positive regulating role between executive monetary compensation and corporate innovation performance.