异质股东持股、经理人激励与企业自主创新投入的实证研究

On Heterogeneous Shareholders,Manager Compensation and Enterprises' Innovation Input

从大股东一机构投资者一经理人的多层面治理视角，基于中国2007～2010年生物医药类和电子信息类上市公司面板数据，对比分析了证券投资基金持股、第一大股东持股、经理人激励、及其交互作用对两类企业自主创新投入的影响。研究表明，相较于电子信息类企业，基金持股对生物医药类企业创新投入呈现更显著的正相关关系；大股东持股和经理人激励均能正向促进两类企业的创新投入。进一步地，基金持股与经理人激励对生物医药类和电子信息类企业创新投入的影响分别存在相互替代效应和互补效应；而基金持股与大股东持股的交互则负向影响生物医药类企业创新投入。

Based on the sample of listed enterprises in biology ＆ pharmacy and information indus- try from 2007 to 2010, this paper investigates the relationships among the share holding of institution- al investor and the largest shareholder, manager compensation, their interactions, and enterprises＇ innovation input. It concludes that： ①compared with information industry, share holdings of institu- tional investors in biology ＆ pharmacy industry is more positively related to the innovation input of enterprises;② both manager short-term compensation and share holdings of the largest shareholder have a positive relationship with the innovation input in both industries; ③ the interaction of share holding of fund investors and manager compensation has negative impact on the innovation input of en- terprises in biology ＆ pharmacy industry whereas positive effect on those in information industry; ④ the interaction of share holding of fund investors and the largest shareholder is negatively related to the innovation input of enterprises in biology ＆ pharmacy industry.