高管层股权激励对企业技术创新的影响研究——基于深沪A股上市公司的面板分析

Study on Managerial Equity Incentives Effect on Technological Innovation of Enterprises——Based on Panel Analysis of Shenzhen and Shanghai A-share Listed Companies

采用2006年至2010年的深沪600家上市公司为研究样本,以专利授权量作为企业技术创新的量化指标,研究高管层股权激励对企业技术创新的影响。发现高管层股权激励与专利的授权量呈显著正相关关系,说明高管层拥有股权激励的比例越大,越有利于提升企业的技术创新能力。其中制造业公司的创新能力强于非制造业公司;不同股权激励的类型对技术创新能力的影响具有显著差异,对高管层实施限制性股票激励的公司技术创新能力优于实施高管层股票期权激励的公司。

Using Shanghai and Shenzhen 600 listed companies from 2006 to 2010 as samples, with patent licensing as enterprise technology innovation, the paper examines managerial equity incentives effects on technological innovation of enterprises. The research results find that： there is a highly positive correlation between managerial, equity incentives and the amount of patent licensing. This shows that top management has a greater proportion of equity incentives and can bet- ter enhance technological innovation of enterprises. And the technological innovation ability of manufacturing companies is better than the non - manufacturing companies. Besides, different types of equity incentives effect on technological innovation have significant differences. The companies with implementation of management＇s restricted stock incentives in technological innovation are better than the companies with implementation of managerial stock option incentives.