高管激励与在职消费对企业创新的影响机理及实证研究

Mechanism Research and Empirical Study of Executive Incentives and On-the-job Consumption on Enterprise Innovation

通过构建高管激励、在职消费与企业创新之间的理论模型,以2012—2018年A股上市公司为样本,实证分析高管激励、在职消费对企业创新的影响,以及在职消费对高管激励与企业创新之间关系的调节作用.结果表明:全样本中,高管薪酬激励、股权激励和在职消费均正向影响企业创新,在分样本中,国有企业的股权激励对企业创新的正向促进作用更加明显;进一步研究发现,基于公司外部治理环境视角,产品市场竞争强度大的企业,其高管激励与在职消费对企业创新的正向促进作用更明显.最终根据研究结论,提出相应的对策建议.

By constructing a theoretical model between executive incentive,on-the-job consumption and enterprise innovation,taking A-share listed companies during 2012-2018 as a sample,this paper empirically analyzes the impact of executive incentive and on-the-job consumption on enterprise innovation,as well as the moderating effect of on-the-job consumption on the relationship between executive incentive and enterprise innovation.In the whole sample,executive compensation incentive,equity incentive and on-the-job consumption all positively affect enterprise innovation.In the sub sample,the state-owned enterprise’s equity incentive has a more obvious positive role in promoting enterprise innovation.Further research finds that,based on the perspective of external governance environment of the company,the enterprise with strong product market competition,its executive incentive and onthe-job consumption have a positive effect on enterprise innovation.The new positive effect is more obvious.Finally,according to the research conclusion,the corresponding countermeasures and suggestions are put forward.