高管激励能促进企业技术创新动态能力的提升吗——高管特征的调节作用

Can Executive Incentives Promote the Dynamic Capability of Technological Innovation of Enterprises?——The Moderating Effect of Executive Characteristics

随着全球性竞争的日趋激烈,技术创新动态能力已成为企业维持核心竞争力的关键。基于2011-2019年我国高科技上市企业数据,实证分析高管激励对企业技术创新动态能力的影响,以及高管特征在两者间的调节作用。研究发现:高管薪酬激励、股权激励都能显著提高技术创新动态能力。当高管年龄越高、教育水平越低以及任期越长时,薪酬激励对技术创新动态能力的正向促进作用越弱;而高管的教育水平越高、任期越长时,股权激励对技术创新动态能力的正向促进作用越强。进一步分析发现,股权激励的创新促进作用只在非国有企业中显著;薪酬激励与股权激励具有协同效应。

With the increasingly fierce global competition,the dynamic ability of technological innovation has become the key for enterprises to maintain their core competitiveness.This paper is based on the data of high-tech listed companies in China from 2011 to 2019,and empirically analyzes the impact of executive incentives on the dynamic capabilities of technological innovation in enterprises,as well as the moderating effect of executive characteristics between the two.Research has found that executive compensation incentives and equity incentives can significantly improve the dynamic ability of technological innovation.When the age of executives is higher,their education level is lower,and their tenure is longer,the positive promotion effect of compensation incentives on the dynamic ability of technological innovation is weaker;The higher the education level and tenure of executives,the stronger the positive promoting effect of equity incentives on the dynamic ability of technological innovation.Further analysis reveals that the innovation promotion effect of equity incentives is only significant in non-state-owned enterprises;compensation incentives and equity incentives have a synergistic effect.