高科技企业竞争战略下技术创新产出质量研究——基于股权激励行权条件视角

Research on the Output Quality of Technological Innovation under the Competitive Strategy of High-tech Enterprises——From the Perspective of Equity Incentive Exercise Conditions

针对竞争战略下的企业技术创新决策问题,本文基于2010-2018年间在沪深两市上市的A股高科技企业数据,以股权激励行权条件为中介变量和调节变量,研究了该类企业的竞争战略对其技术创新产出质量的影响。研究显示:高科技企业采用差异化战略和低成本战略对其技术创新产出质量的提高均有促进作用;采用差异化战略对其股权激励行权条件的严格性有正向影响;采用低成本战略对其股权激励行权条件无显著影响;股权激励行权条件在差异化战略与技术创新产出质量之间有显著的中介作用和正向调节效应;股权激励行权条件在低成本战略与技术创新产出质量之间无中介作用,但有负向调节效应。研究结论能为高科技企业竞争战略的制定和股权激励契约要素分析提供决策参考。

Aiming at the technological innovation decision-making of enterprises under strategic competition,based on the data of A-share high-tech enterprises listed on Shanghai and Shenzhen stock exchanges from 2010 to 2018,this paper studies the influences of competitive strategy on the quality of technological innovation output of such enterprises by taking equity incentive exercise conditions as intermediary and regulating variables.The research shows that the differentiation strategy and low cost strategy of high-tech enterprises can promote the quality of their technological innovation output.Differentiation strategy has a positive effect on the stringency of equity incentive exercise conditions.The low cost strategy has no significant influences on the equity incentive exercise conditions;Equity incentive exercise conditions have significant mediating and positive regulating effects between differentiation strategy and technological innovation output quality.The exercise condition of equity incentive has no mediating effect between low cost strategy and technological innovation output quality,but has negative regulating effect.The research results can provide reference for the formulation of competitive strategy and the analysis of equity incentive contract.