高管激励、风险承担与研发投入

Executive Incentive,Risk-taking and R&D Investment

研发投入被认为是技术创新的主要源泉和动力,但存在创新过程漫长、风险极高等问题,如何有效激励高管合理配置创新研发投入成为研究焦点。本文以2012-2019年沪深A股上市公司近万个样本为依据,分析不同的激励方式对研发投入的影响及其作用机制,结合中国高管激励实际情况,从薪酬激励、股权激励、晋升激励和在职消费四种激励角度分别研究其对创新投入影响,以及通过风险承担的作用机制,探究高管激励、风险承担和创新投入三者之间的关系。结果表明:高管激励的四种激励方式均能够促进企业研发投入,随着时间的迁移,股权激励和在职消费的长期作用更明显。对研发人员的投入实施股权和晋升激励的作用相对较显著;在影响机制中,股权激励对风险承担发挥遮掩效应,晋升激励增加了高管对极差风险的承担能力,进而积极影响研发投入强度;股权等显性激励相对比晋升等隐性激励,更能够通过承担极差风险的中介作用影响研发投入。因此,股权激励在面临经营风险时对高管的研发投入决策更重要。

R&D investment is considered to be the main source and driving force of technological innovation,but there are some problems such as long innovation process and high risk.How to effectively motivate executives to allocate innovation R&D investment reasonably has become the research focus in recent years.Different from the previous literature,this paper attempts to extend the incentive methods of executives,focusing on the impact of different incentive methods on R&D investment and its mechanism.Based on nearly 10000 samples of Shanghai and Shenzhen A-share listed companies from 2012 to 2019,this paper explores the relationship among executive incentive,risk-taking and innovation investment.Combined with the actual situation of executive incentive in China,this paper studies its impact on innovation investment and the mechanism of risk-taking from the perspectives of salary incentive,equity incentive,promotion incentive and on-the-job consumption.The results show that:the four incentive methods of executive incentive can promote enterprise R&D investment.With the migration of time,the long-term effects of equity incentive and on-the-job consumption are more obvious.The effect of equity and promotion incentives on the investment of R&D personnel is relatively significant.In the influence mechanism,equity incentive plays a masking effect on risk-taking,and promotion incentive increases executives’ability to bear extreme risks,which positively affects the intensity of R&D investment.Compared with implicit incentives such as promotion,explicit incentives such as equity can affect R&D investment through the intermediary role of bearing extreme risk.Therefore,in the face of operational risks,equity incentive is more important for executives’R&D investment decision-making.