以企业创新发展推进共同富裕——基于股权激励的视角

Advancing Common Prosperity Through the Innovation-Driven Development of Enterprises:From the Perspective of Equity Incentives

科学有效处理好劳动与资本的关系是实现共同富裕的根本。基于2015—2019年中关村海淀科技园企业数据,运用双重差分模型,从劳资共赢的视角,实证研究股权激励对企业创新的影响及机制,研究发现,股权激励能够显著促进企业创新,其中,采用股票期权和限制性股票的方式对企业创新的提升效果最为显著,该结论在进行一系列稳健性检验后仍然成立;内部管理效应和人才激励效应是股权激励促进企业创新的关键机制,股权激励有助于实现企业创新与员工发展的良性互动,促进劳资共赢,改善收入分配,推动企业内部共同富裕;异质性分析发现,衰退期企业和非国有企业实施股权激励对企业创新和劳资共赢的促进效果更为显著。研究结论为更好地发挥股权激励助力企业在共同富裕中的重要作用提供了微观证据。

Scientific and effective handling of the relationship between labor and capital is fundamental to achieving common prosperity.From the perspective of labor-capital win-win cooperation and using the difference-in-difference model,this paper empirically studies the impact and mechanism of equity incentives on corporate innovation,using Zhongguancun Haidian Science Park corporate data from 2015 to 2019.The results show that equity incentives can significantly promote corporate innovation;among others,stock options and restricted stock have the most significant effect on corporate innovation.The conclusions withstand a series of robustness tests.The key mechanism for equity incentives’promotion of corporate innovation includes the internal management effect and the talent incentive effect;equity incentives are conducive to the benign interaction between corporate innovation and employee development,win-win cooperation between labor and capital,income distribution,and in-corporate common prosperity.The heterogeneity analysis reveals that the promotional effect of equity incentives on corporate innovation and labor-capital win-win is more pronounced for enterprises in the declining stage or for non-state-owned enterprises.This paper supplies micro-evidence for better leveraging of the important role of equity incentives in advancing common prosperity in enterprises.