经济政策不确定性、高管激励与企业研发投入--基于沪深A股上市公司的平衡面板数据

Economic Policy Uncertainty,Executive Incentive and Enterprise R&D Investment--Balanced Panel data of A-share Listed Companies in Shanghai and Shenzhen

本文基于不确定性理论、增长期权理论及企业能力理论,利用2009-2019年间沪深A股上市公司的平衡面板数据,对经济政策不确定性与企业研发投入的关系进行了实证检验,探究了高管激励对经济政策不确定性与企业研发投入关系的调节效应。研究发现,经济政策不确定性的上升对企业的研发投入具有“促进效应”。高管薪酬激励和高管持股在经济政策不确定性与企业研发投入关系中均发挥了正向调节的作用。考虑到企业异质性影响,与国有企业比,高管持股在非国有企业中具有更加显著的调节效应,而高管薪酬激励在两类企业中无显著的差别。此外,这一调节效应在高新技术企业和非高新技术企业中也无明显的差异。因此,政府要充分考虑经济政策不确定性对企业研发投入的影响,在制定经济政策以平滑经济波动时,要具有前瞻性,加大对创新型企业特别是高新技术企业金融政策支持力度和财政政策扶持力度,为企业创造良好的营商环境和创新环境。企业应制定科学合理的高管激励政策以强化经济政策不确定性对企业研发投入的促进作用。

Based on uncertainty theory,growth option theory and enterprise capability theory,this paper uses the balanced panel data of Shanghai and Shenzhen A-share listed companies from 2009 to 2019 to empirically test the relationship between economic policy uncertainty and enterprise R&D investment,and explores the moderating effect of executive incentive on the relationship between economic policy uncertainty and enterprise R&D investment.It is found that the increase of economic policy uncertainty has a"promoting effect"on R&D investment.Executive compensation incentive and executive stock ownership play a positive moderating role in the relationship between economic policy uncertainty and R&D investment.Considering the influence of enterprise heterogeneity,compared with state-owned enterprises,executive stock ownership has a more significant moderating effect in non-state-owned enterprises,while executive compensation incentive has no significant difference between the two types of enterprises.In addition,there is no significant difference between high-tech enterprises and non-high-tech enterprises.Therefore,the government should fully consider the impact of economic policy uncertainty on Enterprise R&D investment.When formulating economic policies to smooth economic fluctuations,it should be forward-looking,and increase the financial policy support and fiscal policy support for innovative enterprises,especially high-tech enterprises,so as to create a good business environment and innovation environment for enterprises.Enterprises should formulate scientific and reasonable executive incentive policies to strengthen the role of economic policy uncertainty in promoting R&D investment.