高管持股与企业R&D投入的相关性研究——基于制造业上市公司的经验数据

The Correlation Between Executives Holdings and Enterprises' R&D Investment:a Study Based on the Empirical Data of Public Listed Manufacturing Businesses

实证研究发现,高管持股与企业R&D投入呈显著正相关关系,这表明对高管进行股权激励有利于企业的创新行为;而且,国有控股公司高管持股更能促进企业的R&D投入。但同时,数据资料也表明,我国企业的技术创新投入与发达国家相比还有较大的差距,还有局限性。我国要进一步完善对国有控股企业高管的股权激励机制及制度,引导企业高管强化主人翁意识,加快建立股东与管理者利益趋同的机制,加大研发投入,不断促进企业的技术创新,从而实现企业的长远发展。

Empirical studies find that executives holdings has prominent positive relation with enterprises＇ R＆D （research and development）, which shows that inspiring the executives with stock rights is helpful to enterprise innovation; in addition, this works better in state--holding companies. However, data manifests that there is still a huge gap between Chinese companies and those in developed countries in terms of technological innovation investment. State-holding enterprises need to improve the stock fights incentive mechanism and institutions for the executives, evoking the executives＇ sense of ownership. All enterprises in China should accelerate the building of interest convergence systems between stockholders and managers, and enlarge the research and development investment, constantly boosting the technological innovation for enterprises＇ long-term development.