环境不确定性与企业创新投入--薪酬激励和政府补助的调节作用研究

Environmental Uncertainty and Enterprise Innovation Investment--Research on the Moderating Effect of Salary Incentives and Government Subsidies

文章以2006—2018年我国A股非金融类上市企业作为研究对象,实证研究了环境不确定性和创新投入之间的关系,以及管理层薪酬激励和政府补助的调节作用。研究结果表明,环境不确定性和创新投入呈显著的负相关关系,政府补助和管理层薪酬激励均有显著的调节作用,能够抑制环境不确定性对创新投入的负向影响;进一步研究发现,薪酬激励和政府补助的调节作用具有协同效应,即在管理层薪酬激励水平较高的企业,政府补助能够更好地发挥调节作用。

Enterprise innovation is an important component of the national innovation system.The innovation activities of enterprises are affected by various factors of internal governance and external environment.How to improve the innovation ability in the complex and changeable environment is the focus of the enterprises and the government.This article takes my country's A-share non-financial listed companies from 2006 to 2018 as the research object,and empirically studies the relationship between environmental uncertainty and innovation input,as well as the moderating role of management compensation incentives and government subsidies.The research results show that there is a significant negative correlation between environmental uncertainty and innovation investment.Government subsidies and management compensation incentives have a significant moderating effect,which can restrain the negative impact of environmental uncertainty on innovation investment;Further research found that the adjustment effect of salary incentives and government subsidies has a synergistic effect,that is,in companies with higher levels of management salary incentives,government subsidies can better play a regulatory role.