上市公司高管薪酬黏性与企业研发投入相关性研究

Research on the correlation between executive pay stickiness and R&D investment of listed companies

高新技术企业是激发和引导全社会科技创新的重要力量,是创新驱动发展的"先锋队"。论文收集2012-2018年我国高新技术上市公司披露的信息和数据,应用统计分析和多元回归模型方法,研究高管薪酬黏性和企业研发投入强度之间的关系。研究表明:高新技术企业的高管薪酬与公司业绩之间具有敏感性,研发投入强度大的公司高管薪酬敏感性更高,高管薪酬黏性与企业创新投资行为存在正相关。不同情境下存在一定差异,非国有企业较国有企业更显著,有股权激励比无股权激励更显著,企业处于成长期较成熟期更加显著。

High-tech enterprises are the important force to stimulate and guide the scientific and technological innovation of the whole society, and the "vanguard" of innovation-driven development. By collecting the disclosed information and data of China’s high-tech listed companies from 2012 to 2018, this paper applies statistical analysis and multiple regression model to study the relationship between executive compensation stickiness and R&D investment intensity of enterprises. The results show that there is a sensitivity between executive compensation and firm performance in high-tech enterprises, and the sensitivity of executive compensation is higher in companies with high R&D investment intensity. There is a positive correlation between executive compensation stickiness and firm innovation investment behavior. There are certain differences under different situations.non-state-owned enterprises are more significant than state-owned enterprises, non equity incentive is more significant than equity incentive, and enterprises in the growth stage is more significant than in the maturity stage.