财务柔性视角下高管薪酬对企业研发投入的影响研究——基于对医药制造业上市公司的分析

Research on the Impact of Executive Compensation on Corporate R&D Investment from the Perspective of Financial Flexibility:Based on the Analysis of Listed Companies in the Pharmaceutical Manufacturing Industry

以2007-2018年沪深A股医药制造业上市公司为研究对象,在财务柔性的视角下,探讨高管薪酬与企业研发投入之间的关系。研究表明,高管货币薪酬对研发投入具有显著正向影响;高管股权薪酬对研发投入具有显著负向影响;财务柔性加剧了高管货币薪酬对企业研发投入的促进作用,且加剧了高管股权薪酬对企业研发投入的阻碍作用。根据研究结论,建议医药企业应该加大创新投入、拓宽融资渠道、建立合理的高管薪酬方案、强化研发投入监管等,以保证企业在激烈的竞争中稳健发展。

With Shanghai and Shenzhen A-shares listed companies in pharmaceutical industry from 2007 to 2018 as the research object,the authors explore the relationship between executive compensation and corporate R&D investment from the perspective of financial flexibility.The research shows that:executive monetary compensation has a significantly positive impact on R&D investment,while the equity compensation has a significantly negative impact;the financial flexibility will increase the promotion of executive monetary compensation for corporate R&D investment,and increase the hindrance of equity compensation.Based on the research results,this paper proposes that pharmaceutical companies should improve innovation investment,broaden financing channels,establish a reasonable executive compensation plan,and strengthen R&D investment supervision,so as to keep a sound development in the severe competition.