双元创新、高管激励与企业财务绩效的中介效应研究

Study on Mediating Effect of Dual Innovation,Executive Motivation and Corporate Financial Performance

文章以2015~2018年沪深两市A股上市公司为研究样本,运用实证分析了高管激励、双元创新与企业财务绩效三者之间的关系,并以双元创新指标作为中介变量,进一步探究了双元创新的中介传导效应。研究结果表明:高管激励与双元创新均有助于企业财务绩效的提升;高管激励显著正向影响双元创新;双元创新在高管激励与企业财务绩效间具有部分中介传导效应。通过探析高管激励影响企业财务绩效的作用路径,以期为上市公司制定高管激励机制的设计和创新投入的经营决策提供一定的参考价值。

Taking a-share listed companies in Shanghai and Shenzhen stock exchanges from 2015 to 2018 as research samples.The purpose of this paper is to study the relationship among executive motivation,dual innovation and corporate financial performance by the empirical analysis.And this study takes dual innovation index as the intermediary variable to further explore the intermediary transmission effect of dual innovation.The results show that executive motivation and dual innovation are conducive to the improvement of corporate financial performance.Executive motivation has a significant positive impact on Dual innovation.Dual innovation has partly intermediary transmission effect between executive motivation and enterprise financial performance.By exploring the action path of executive motivation on enterprise financial performance,this paper hopes to provide certain reference value for listed companies to design incentive mechanism for senior executives and make management decisions on innovation input.