资源型上市公司高管团队激励方式对企业创新效率的影响研究——基于创新价值链和产权性质的考量

Impact of TMT’s Incentives on Innovation Efficiency in Chinese Resource-Based Listed Enterprises--Based on the Consideration of Innovation Value Chain and Property Right

本文以2014—2017年沪深A股244家资源型上市公司为研究样本,基于创新价值链分解并测度综合创新效率和两阶段创新效率,利用面板Tobit模型检验高管团队激励方式对创新效率的影响。研究发现:资源型上市公司综合创新效率总体不高,呈逐年下降态势,其高管团队的薪酬激励和控制权激励对综合和各阶段创新效率呈抑制作用,市场竞争激励和声誉激励为促进作用,而晋升激励无显著影响;对于国有上市公司,薪酬激励抑制创新研发效率,但市场竞争激励和声誉激励则能显著推动综合和各阶段创新效率提升,而非国有上市公司则主要表现为薪酬激励和控制权激励的抑制作用。

It empirically researched the effect of TMT’s incentives to Chinese resource-based enterprises innovation efficiency based on the measurement of comprehensive innovation efficiency and two-stage innovation efficiency. The samples were from 244 resource-based listed enterprises during 2014—2017 and the empirical model was panel Tobit.The results verifies that the innovation efficiency of resource-based listed enterprises is low and shows a downward trend. In total,the compensation incentive and control right incentive for TMT inhibit the innovation efficiency,while the market competition incentive and reputation incentive promote the innovation efficiency. The promotion incentive has no significant impact. In the non-state-owned enterprises,the main effect is the inhibition of compensation incentive and control right incentive to the innovation efficiency at all stages. Whereas in the state-owned enterprises,only compensation incentive restrains the efficiency while market competition and reputation incentive can significantly promote innovation efficiency in two stages.