股权激励及其集中度对研发支出的影响——基于信息技术行业高管激励与核心技术人员激励的差异视角

The Influence of Enquity Incentive and Its Concentration on R&D Expenditure—— Based on the Difference between Executive Incentive and Core Technician Incentive in Information Technology Industry

文章基于高管股权激励与核心技术人员股权激励差异的视角,以2014-2018年信息技术行业中实施股权激励的上市公司为样本,实证分析了股权激励、股权集中度与公司研发支出的关系。结果表明,高管股权激励强度对公司研发支出形成显著负向影响,每增加一单位的高管股权激励强度会使研发支出强度减少7.4%;而核心技术人员股权激励强度对公司研发支出水平形成显著的正向影响,每增加一单位的核心技术人员股权激励强度能使研发支出强度提高5.2%;此外股权集中度对公司研发支出水平形成显著的负向影响,并且股权集中度对核心技术人员股权激励强度与研发支出水平之间的关系起到负向调节作用。这一结论表明企业在设计股权激励实施计划时,更应关注对核心技术人员的激励;同时应综合考虑企业的股权结构可能对股权激励效果的影响,从而对股权激励计划进行适当的调整。

Based on the perspective of equity incentive differences between senior executives and core technicians,the relationship among equity incentive,ownership concentration and R&D expenditure of companies is discussed in the paper by taking the data of listed companies implementing equity incentive in the information technology industry from 2014 to 2018 as samples.The results of empirical research show that the equity incentive intensity of senior executive has a significant negative impact on company R&D expenditure.Each additional unit of executive equity incentive intensity can reduce the intensity of R&D expenditure by 7.4%.However,the equity incentive intensity of core technicians has a significant positive impact on the level of R&D expenditure of the company.The intensity of equity incentive for each additional unit of core technicians can increase the R&D expenditure intensity by 5.2%.In addition,ownership concentration has a significant negative impact on the level of company R&D expenditure.Ownership concentration plays a negative regulating role in the relationship between the equity incentive intensity of core technicians and the level of R&D expenditure.This conclusion indicates that enterprises should pay more attention to the motivation of core technicians when designing the implementation plan of equity incentive.At the same time,we should consider the influence of enterprise's equity structure on equity incentive effect,so as to adjust the equity incentive plan appropriately.