CEO知识资本与企业创新倾向:高管激励的调节效应

CEO Intellectual Capital and Enterprise Innovation Inclination:The Moderating Effect of Executive Incentives

基于高阶梯队理论,从CEO知识资本的视角探讨企业创新倾向的发生机制,以及高管激励在其中的调节效应。以上交所1309家上市公司为样本,采用层次回归分析方法检验了CEO知识资本、高管激励与企业创新倾向之间的作用关系。研究结果表明:CEO知识资本与企业创新倾向显著正相关;权力激励和权益激励分别对企业创新倾向产生负向和正向影响;二者在CEO知识资本影响企业创新倾向的路径上分别起弱显著的负向与正向调节作用。研究结果为高阶梯队理论和高管激励理论补充了证据,也为企业实施创新驱动发展战略提供了理论借鉴。

Based on the high-level team theory,this paper discusses the mechanism of corporate innovation tendency and the moderating effect of executive incentives from the perspective of CEO knowledge capital.The 1309 listed companies on the above stock exchange are a sample,and the hierarchical regression analysis method is used to test the relationship between CEO intellectual capital,executive incentives and corporate innovation propensity.The research results show that:CEO knowledge capital is significantly positively correlated with corporate innovation propensity;power incentives and equity incentives have negative and positive effects on corporate innovation propensity,respectively;Both of them play a weak and significant negative and positive moderating effect respectively on the path of CEO's knowledge capital influencing the enterprise's innovation tendency.The research results have supplemented the evidence for the high-level team theory and executive incentive theory,and also provided a theoretical reference for enterprises to implement innovation-driven development strategies.