创新绩效与经理人薪酬及声誉——基于价值分配与价值创造视角的实证研究

Innovation Performance,Executive Compensation and Reputation——Empirical Research based on the Perspectives of Value Distribution and Value Creation

以促进技术创新为主旨的价值创造是衡量公司治理有效性的重要维度,本文运用2011-2014年的中国上市公司平衡面板数据,从价值分配与价值创造的视角分析创新绩效与经理人薪酬及声誉水平的关系。结果表明:财务绩效与经理人薪酬水平显著正相关,对经理人声誉却没有显著影响;创新绩效对经理人薪酬及声誉能够产生影响,但不同类型的创新绩效作用有所差异,突破性创新产出越多,经理人声誉水平越高,渐进性创新产出越多,经理人薪酬水平越高;产权性质对上述两组关系具有显著的调节效应。因此,通过经理人薪酬及声誉契约的合理设计,以引导其进行有效的技术创新决策是提高企业创新能力的重要途径。

Value creation with the purpose of promoting technological innovation has become an important dimension to measure the effectiveness of corporate governance. The paper analyzes the relationship between innovation performance, executive compensation and reputation from the perspectives of value distribution and value creation by using the balanced panel data of Chinese listed companies during 2011-2014. The results show that： financial performance is positively correlated with the level of executive compensation, but it has no significant effect on executive reputation ; innovation performance has obvious effects on executive compensation and reputation, but different innovation performances have different effects, that is, there is a positive relationship between radical innovation output and executive reputation and there is a positive relationship between incremental innovation output and executive compensation; property right has an obvious moderating effect on the relationships between them. Therefore, listed companies can improve innovation ability by designing executive compensation and reputation contract rationally to guide it to make effective technical innovation decision.