高管激励强度与企业发展——高管团队人力资本的调节作用

Executive Incentive Intensity and Enterprise Development- The Moderating Role of TMT Human Capital

高管激励强度是激励机制的核心内容,本文选取2005-2014年我国上深交所主板公告的实施股权激励方案的上市公司为研究样本,立足于人力资本理论并结合激励理论,利用多元线性回归的方法,分析高管股权激励强度和货币薪酬激励强度对企业发展的影响,以及高管人力资本对二者关系的调节作用。研究结果表明:股权激励强度与企业战略发展呈显著负相关,薪酬激励强度对企业发展产生着正向影响;高管团队的人力资本弱化了股权激励强度对企业战略发展的负向影响;高管团队受教育水平与任职时间促进了货币薪酬激励与企业发展,而高管年龄具有弱化的调节作用。

Executive incentive intensity is the core contents of incentive mechanism. Based on human capital theory and incentive theory,this paper is tested with samples of firms that have carried out incentive plan listed in China from 2005 to 2014,to study the impacts of executive incentive intensity and monetary compensation incentive intensity on enterprise development and the moderating effect of TMT human capital to them. The results indicate that equity incentive intensity has a significantly negative impact on enterprise strategic development,but monetary compensation incentive intensity can promote enterprise development; TMT human capital weakens the negative effect of equity incentive intensity on the strategic development of enterprises; TMT education level and TMT tenure promote the current salary incentive and enterprise development,but executive age has weakening moderating effect.