摘要
利用Hayes提出的“条件过程模型”,基于我国创业板上市公司2010年~2018年的面板数据,考察高管持股对公司经营绩效的影响及研发投入的中介效应和高管薪酬的调节效应,结果表明,高管持股显著正向影响公司的经营绩效,高管薪酬对高管研发投入产生了正向调节作用,但不同薪酬水平下的调节效应和中介效应存在差异。当薪酬激励水平为中、高时,高管持股与研发投入才显示正相关的关系。因此,采用中、高薪酬水平和长期持股的高管激励组合,能够激励高管开展创新活动,提升公司的经营绩效。
Using the conditional process model proposed by Hayes,based on the panel data of China's GEM listed companies in 2010〜2018,this paper studies the impact of executive stock ownership on the company's business performance,the mediating effect of R&D investment and the moderating effect of executive compensation.The results show that executive stock ownership has a significant positive impact on the company's business performance.R&D investment mediates the impact of executive stock ownership on business performance.Executive compensation positively regulates the impact of executive stock ownership on R&D investment,but the moderating effect and mediating effect are different under different compensation levels.When the compensation incentive level is medium or high,the moderating effect of executive compensation and the mediating effect of R&D investment are significant.Therefore,we should adopt the incentive combination of middle and high salary level and long-term shareholding to encourage the executives to carry out innovative activities and improve the company's business performance.
作者
宋智文
SONG Zhi-wen(Business School,Foshan University,Foshan 528000,China)
基金
广东省哲学社会科学“十三五”规划基金项目(GD18XYJ05)
佛山市社科规划项目(2020-GJ109)
广东省社会科学研究基地创新与经济转型升级研究中心成果。
关键词
高管持股
研发投入
经营绩效
中介效应
调节效应
executive shareholding
R&D investment
business performance
mediating effect
moderating effect
