汽车行业高管薪酬对企业创新能力的影响研究

Research on the Impact of Executive Compensation on Innovation Capability in the Automobile Industry

面对新形势新环境下要求汽车行业由大变强的转变,中国的汽车制造业正处于产品创新、生产优化、产业升级的关键时期,对汽车行业的自主创新有了新的要求。汽车制造企业的高管作为创新决策主体,对企业创新有着重要的影响作用。本文梳理了汽车行业创新与高管薪酬关系的相关研究,构建了我国企业创新能力的测度指标,并选取样本时间跨度从2004年至2014年间上市汽车企业的财务数据及相关信息,通过构建结构方程模型分析汽车行业高管薪酬与企业的创新能力之间的关系,实证研究表明,高管薪酬对企业的创新能力具有正向促进作用,且这种促进作用具有持续性。

The automobile industry in China is faced with a new competing environment, thus requiring carmakers to enhance innovation by optimizing their manufacturing process and upgrading their industry system. The innovation capability of a carmaker empirically depends on the strategic decision from its executives and the compensation system for executives should reflect the risk corresponding to their innovation activities. In this paper, we use 10-year financial data sample from 2004 to 2014 to investigate the relationship between the executive compensation and innovation ability by constructing innovation capacity indicators. By using SEM model, we conclude that low compensation decreases the innovation capability and this constraining effect is sustainable for at least two years. Experienced and well-educated executives contribute more to the innovation ability accumulation.