摘要
近年来,部分中小企业开始实行股权激励,中小企业的股权激励与企业核心竞争力的源泉--企业创新之间的关系是非常重要的问题。以我国2012-2020年在中小板挂牌的238家中小企业面板数据为样本,构造双重差分模型,对中小企业的股权激励与创新绩效间的关系进行实证分析,并对股权集中度可能存在的调节效应进行检验。实证结果表明中小企业进行股权激励,能显著促进企业创新,而股权集中度在其间起正向调节作用,稳健性检验、内生性分析、安慰剂检验等证实了实证结论的有效性。
This paper samples the panel data of 238 small and medium-sized enterprises listed in the small and medium-sized sectors in China from 2012 to 2019.By building a DID(Difference-in-Differences)model,it aims to conduct an empirical analysis of the relationship between the equity incentive of small and medium-sized enterprises and innovation performance as well as test the moderating effect that may be caused by equity concentration.The empirical analysis shows that equity incentives of small and medium-sized enterprises can significantly promote corporate innovation,and equity concentration plays a positive role in it.The robustness test,endogenous analysis,and placebo test confirm the validity of the empirical conclusions.
作者
梁四安
马晴
LIANG Si-an;MA Qing(Business School,Foshan University,Foshan 528000,China)
基金
佛山市哲学社会科学规划项目(2019-GJ020)。
关键词
中小企业
股权激励
企业创新
股权集中度
双重差分法
small and medium-sized enterprises
equity incentives
corporate innovation
equity concentration
Difference-in-Differences
