股权激励促进了企业创新吗?——来自中国上市公司的经验证据

Does Equity Incentive Enhance Firm Innovation?——Empirical Evidence from Chinese Listed Companies

本文研究我国股权激励计划对公司创新的影响,运用泊松计数模型、面板固定效应模型、倾向得分匹配(PSM)和倍差法(DID)等方法,结果发现:公司引入股权激励制度有助于促进企业创新;股权激励制度能有效降低管理层和股东的利益不一致,通过提升企业创新水平从而降低代理成本;相比国有企业,实施股权激励计划对企业创新的促进程度在非国有企业中更大.因此,推行公司内部股权激励计划,有助于充分调动企业管理层和员工的积极性,提高企业创新水平.

It aimed to tackle the interesting question： whether equity incentive enhances firm innovation. Using Poisson count model、panel fix effect model、propensity score matching and difference-in-difference methods,it finds that equity incentive causes an improvement in future firm innovation; equity incentive mechanism can effectively decrease the interest conflict between managers and shareholders,thus improve innovation and degrade agency cost. Moreover,it finds that compared with the effect on state-owned enterprises（ SOEs）,equity incentive has a much more significant effect on firm innovation in Non-SOEs. Thus,the implementation of equity incentive can activate the vigor of managers and employees,thus enhance firm innovation.