我国高科技企业的股权激励与研发支出分析

China's High-Tech Enterprises Equity Incentives and R&D Spendings

本文以2005～2006年披露了研发支出的高科技上市公司为样本,构建了多元线性回归模型,研究了上市公司的高管股权激励与研发支出的关系。研究结果表明:高管股权激励与研发支出显著正相关,高管股权激励越大,研发支出越多;公司资源的富余水平越高,高管股权激励对于研发支出的影响越显著;公司的业绩较好,高管股权激励对于研发支出影响越显著。此外,高成长性的公司有更强的动机投入更多的研发费用来创造成长机会;公司的负债水平越高,研发支出越少。

Based on the R＆D data on disclosed high-tech companies during 2005 to 2006, this paper studies the relationship between executives＇ equity incentives and R＆D expense in China＇ s listed companies. The results show that executives＇ equity incentives are positively associated with R＆D expense. The more slack resources the companies have, the more significant between executives＇ equity incentives and R＆D expense. This paper also finds that executives＇ equity incentives are more significant when companies are performing well. In addition, high-growth companies prefer to invest in order to get good opportunity to growth. We also find that debt is reversely related to companies＇ R＆D.