高管股权激励、R&D投入与企业创新绩效

Executive Equity Incentive,R&D Investment and Enterprise Innovation Performance

随着市场竞争日益加剧,创新成为企业获得持续竞争的重要来源,越来越多的企业通过增加创新研发投入来促进企业绩效提升,而高管作为企业创新研发投入的决策者起着关键作用。选取2012-2020年我国A股上市公司数据作为样本,运用多元回归和中介模型,就高管股权激励、R&D投入与企业创新绩效的关系以及研发投入的中介作用进行实证研究。结果表明:高管股权激励和R&D投入力度越大,企业创新绩效越好;高管股权激励有利于提高企业的R&D投入,且可通过R&D投入的中介作用来提升企业创新绩效。

With the increasing market competition,innovation has become an important source of continuous competition for enterprises.More and more enterprises begin to increase innovation and R&D investment to promote corporate performance,and senior executives,as the main decision makers of innovation activities and R&D investment,inevitably play a very key role in this process.This paper selects the data of Chinese A-share listed companies from 2012 to 2020 as samples,and uses multiple regression and intermediary model to conduct an empirical study on the relationship between executive equity incentive,R&D investment and innovation performance,as well as the mediating role of R&D investment.The results show that the greater the equity incentive and R&D investment,the better the innovation performance.Executive equity incentive is beneficial to increase the R&D investment of enterprises,and can improve the innovation performance of enterprises through the intermediary role of R&D investment.