煤炭企业管理层权力对企业创新投入的影响——基于管理层激励的遮掩与中介效应视角

The influence of coal enterprises management power on enterprise innovation investment: the perspective of masking and mediation based on management incentives

以2012—2020年沪深两市A股煤炭行业上市公司为样本,实证分析管理层权力对企业创新投入的影响,并进一步研究不同的管理层激励方式在管理层权力和企业创新投入之间是否存在影响及其作用机制。研究结果表明,管理层权力对企业创新投入产生负向影响;管理层权力对管理层薪酬激励呈正向影响,薪酬激励在管理层权力与企业创新投入之间发挥遮掩效应;管理层权力对管理层股权激励呈正向影响,股权激励在管理层权力与企业创新投入之间发挥中介效应。

Taking the A-share coal listed companies in Shanghai and Shenzhen from 2012 to 2020 as samples,the impact of management power on enterprise innovation investment is empirically analyzed,and the influence and mechanism of different management incentive methods on management power and enterprise innovation investment are further studied. The results show that management power has a negative impact on enterprise innovation investment. Management power has a positive impact on management compensation incentives,and salary incentives play a concealing effect between management power and enterprise innovation investment. Management power has a positive impact on management equity incentives,and equity incentives play a mediating effect between management power and enterprise innovation investment.