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股权激励对上市公司研发强度的影响——基于所有制与股权集中度的调节作用 被引量:2

The Effect of Equity Incentives on R&D Intensity in Listed Companies-Based on the Moderating Role of Ownership Type and Ownership Concentration
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摘要 在当前全球竞争日益激烈的背景下,管理层在企业研发投入上的决策与企业未来的生存和发展息息相关。股权激励能有效影响管理层对企业研发投入的决策。本文以2010年至2018年A股上市公司的数据作为研究样本,考察管理层股权激励与研发强度之间的关系。研究发现,管理层股权激励与研发强度显著正相关。进一步发现,股权集中度对股权激励与研发强度关系具有负向调节作用,在股权相对分散的企业中,股权激励对研发强度的作用更为突出;股权激励对研发强度的促进作用在民营企业中更大。 In the current context of increasingly fierce global competition,management's decision on corporate R&D investment is closely related to the future survival and development of the enterprise.Equity incentive can effectively influence the management's decision on corporate R&D investment.This paper examines the relationship between management's equity incentives and R&D intensity using data from A-share listed companies from 2010 to 2018 as a research sample.It is found that management equity incentive is significantly and positively related to R&D intensity;it is further found that ownership concentration has a negative moderating effect on the relationship between equity incentive and R&D intensity,and the effect of equity incentive on R&D intensity is more prominent among enterprises with relatively dispersed ownership;the promotion effect of equity incentive on R&D intensity is greater in private enterprises.
作者 蔡警涛 CAI Jingtao(School of Business Administration,Nanjing University of Finance and Economics,Nanjing 210023)
出处 《江苏商论》 2021年第5期74-78,共5页 Jiangsu Commercial Forum
关键词 股权激励 企业研发强度 股权集中度 所有制 Equity incentive R&D intensity of firms Ownership concentration Ownership Type
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