高管持股、研发投入和全要素生产率

Executive holdings,research and development investment,and total factor productivity

文章以2009~2019年中国上市公司数据为样本,考察高管持股对企业全要素生产率的影响作用。研究发现:首先,随着高管持股比例的增加,企业的全要素生产率随之提升;其次,通过中介效应检验,增加研发投入是高管持股影响企业全要素生产率的重要传导机制;最后,相比非国有企业,高管股权激励在国有企业中对企业全要素生产率的提升作用更明显。

Taking the 2009~2019 Shanghai and Shenzhen A-share Chinese listed companies as a sample,this paper tests the influence between executive holding and the total factor productivity of enterprises.The study found that:first,as the proportion of executive shareholding increases,the total factor productivity of enterprises increases;secondly,through the test of intermediary effect,increasing R&D investment is an important transmission mechanism for executive shareholding to affect the total factor productivity of enterprises;finally,compared with non-state-owned firms,the role of executive equity incentives in prompting the total factor productivity of enterprises in state-owned firms is more obvious.