国有企业股权激励对研发活动的影响

The Impact of Equity Incentive in State-owned Enterprises on R&D Activities

分配制度改革和研发创新是国有企业改革发展的两大核心命题。利用2011年-2020年国有控股上市公司数据,股权激励对创新活动的实证检验结果表明:股权激励能够直接促进企业加大创新投入,在创新产出和创新效益的产生上,股权激励也能起到间接正向调节作用。分类样本检验结果表明:在非科技型企业、低股权制衡度企业和高股票换手率企业,涉及创新产出和创新效益的上述结论显著性程度相对较差,说明在股权激励影响创新活动的过程中,股权制衡度和股票换手率是两个重要的影响因素。进一步的研究表明:采用限制性股票激励模式比其他激励模式有更好的创新促进作用,激励周期越长则创新促进作用越明显。

Distribution system reform and R&D innovation are two core issues of the reform and development of state-owned enterprises. By the data of state-controlled listed companies from 2011 to 2020, this paper empirically tests the impact of equity incentive on innovation activities. The results show that equity incentive can directly encourage enterprises to increase innovation input and also can play an indirect positive role in the production of innovation efficiency and innovation performance. The test results of classified samples show that the conclusions about innovation efficiency and innovation performance are relatively poor in non-technological enterprises and enterprises with low equity checks and balances and enterprises with high stock turnover rate. It indicates that equity checks and balances and stock turnover rate are two important regulatory factors in the process of equity incentives affecting innovation activities. Further research shows that the use of restricted stock incentive model has a better role in promoting innovation than other incentive models. The longer the incentive cycle is, the more obvious the innovation promotion.