中小企业CEO激励与企业创新能力关系研究——基于竞争战略的中介作用和外部竞争环境的调节作用

The Relationship of CEO Incentive and Enterprise Innovation Capability in SMEs——The Mediating Effect of Competitive Strategy and The Moderating Effect of the External Competitive Environment

基于高阶理论和战略理论,通过对中小板和创业板上市公司2011-2016年面板数据分析,构建负二项回归模型,对CEO激励、竞争战略与企业创新能力的被调节中介的作用进行检验。研究结果表明:年薪激励与渐进式创新之间存在倒U型关系,任期激励与渐进式创新之间关系呈U型关系,并且低成本战略在其中起中介作用;两职合一、声誉激励与突破式创新之间呈负相关关系,股权激励对突破式创新无显著影响,而差异化战略只在两职合一与突破式创新关系之间有中介作用。外部竞争环境正向的调节声誉激励与差异化战略之间的关系。

Based on the upper echelons Theory and strategy theory,the negative binomial regression model is constructed byanalyzing the panel date of the listed SMEs in 2011-2016,to test the relationship between CEO incentive,competitive strategy and enterprise innovation capability. The research shows that there is an inverted U-shaped relationship between salary incentive and incremental innovation,and the relationship between tenure incentive and incremental innovation is U-type relationship and the low-cost strategy has mediating effect in these relationships; There is a negative correlation between the two roles,the reputation incentive and the radical innovation. The equity incentive has no significant effect on the radical innovation. But the differentiation strategy has only the mediating effect between CEO duality and radical innovation. The external competitive environment is positively moderating the relationship between the reputation incentive and the differentiation strategy.