股权激励创新效应研究——基于研发投入的双重角色分析

Innovation Effect of Equity Incentive——Analysis of the Dual Role of R&D Investment

本文以2008—2016年沪深A股204家实施股权激励的上市公司为研究样本,首先从整体上实证检验股权激励与创新绩效的关系,然后从股权激励授予对象(管理层与核心员工)的视角,分析研发投入在二者股权激励与企业创新绩效之间的不同作用。结果表明,股权激励能够显著正向影响企业创新绩效,并且与管理层股权激励相比,核心员工股权激励对创新绩效的提升作用更明显;研发投入作为管理层股权激励与创新绩效之间的中介变量,其中介效应占总效应的比例为42%;在核心员工股权激励与创新绩效之间,研发投入则呈现出显著的正向调节作用。

It collected panel data from firms listed in Shenzhen and Shanghai exchanges,which announced the imple-mentation of equity incentive plan from 2008-2016.It tested the relationship between equity incentive and innovation from the holistic perspective firstly,and analyzed the different influence of R&D investment on the relationship between managerial incentives and innovation performance and that between core staff and innovation performance from the per-spective of equity incentive grants.The result shows that equity incentive can produce significantly positive influence on innovation performance,and compared with stock option incentive,the restricted stock incentive performs as the better incentive role on innovation performance.It also observes that the R&D investment is the partial mediating variable be-tween the managerial equity incentive and innovation performance,the mediator effect accounts 42%,but it positively moderates the relationship between the equity incentive of core staff and innovation performance.