考虑不同方式和对象的股权激励对创新的影响研究

Stock incentive modes、incentive targets and firm innovation

以上市公司为样本讨论了针对不同激励对象采用不同激励方式所产生的公司创新效果。研究发现,虽然股权激励对上市公司创新存在正向激励作用,但当考虑不同激励方式作用于不同对象,以及从创新的不同维度考量时,结果存在差异。具体而言,对高管进行股票期权激励能够在研发支出维度上产生显著正向影响;对核心员工进行限制性股票激励的效果在于增加专利产出;对高管和核心员工进行股权激励均有利于创新效率的提高,但对核心员工的激励效果更为显著。本文区分激励目标、方式、对象的研究解决了既定目标下针对不同对象的最优激励方式问题,为公司激励政策的制定提供了依据。

Using data of listed companies from 2006 to 2015,we analyze the effects of stock incentives on corporate innovation in various aspects.After the confirmation study of the positive effects of stock incentive,we documents some detailed information:CEO-incentive of stock option has positive effects on R&D,while core-stuff-incentive of restricted stock mainly affects patents.At the same time,stock options on both CEO and core stuffs can significantly improve innovation efficiency,although incentive on core stuff showing better results.The results of differentiate study of incentive missions,modes and targets of this paper answers the question of optimal incentive methods of which company should consider while making incentive policy.