股权激励、研发投入与企业创新绩效——基于创业板上市公司的经验证据

Equity incentive,R&D Investment and Enterprise Innovation Performance——An Empirical Evidence Based on GEM Listed Companies

文章实证检验了股权激励、研发投入以及企业创新绩效的关系,通过选取2014—2019年我国创业板上市公司为研究对象,运用多元回归分析方法,将企业创新活动的直接产出和间接产出相结合。研究发现,创业板上市公司中,研发投入显著正向影响企业的创新绩效。该效果在当期无法发挥,在滞后期促进作用显现,且可以持续三期;股权激励对研发投入的影响呈非线性关系,两者的关系为“倒N型”,当股权激励强度处于[1.863%,7.295%]时,激励效果最好,且该效果存在一定的滞后期和持续性。结果表明,研发投入对公司创新绩效有滞后的促进作用,且股权激励对研发投入的影响存在区间效应。进一步分析表明,股权激励可以正向调节研发投入与企业创新绩效的关系。以期为创业板上市公司有效进行创新活动和实施股权激励提供理论依据。

This paper empirically tests the relationship among equity incentive,R&D investment and enterprise innovation performance.By selecting 2014—2019 Grow Enterprises Market(GEM)listed companies as the research object,and using multiple regression analysis method,this paper combines the direct output and indirect output of enterprise innovation activities.The results show that R&D investment has a significant positive impact on innovation performance of GEM listed companies.The effect cannot play in the current period,but in the lag period,and can last for three periods;The impact of equity incentive on R&D investment is nonlinear,and the relationship between them is“inverted N type”.When the intensity of equity incentive is[1.863%,7.295%],the incentive effect is the best;and the effect has a certain lag and persistence.The results show that R&D investment has a lag effect on innovation performance,and equity incentive has an interval effect on R&D investment.Further analysis shows that equity incentive can positively adjust the relationship between R&D investment and enterprise innovation performance so as to provide a theoretical basis for GEM listed companies to carry out effective innovation activities and implement equity incentive.