情境差异、业绩型股权激励与企业创新——基于医疗器械行业上市公司的研究

Contextual Differences,Performance-based Equity Incentives and Corporate Innovation Capabilities:Based on Listed Companies in the Medical Device Industry

医疗器械产业是关乎国民健康的重要产业,业绩型股权激励是促使企业激励相容的重要措施。本文使用2010—2021年中国医疗器械行业上市企业的数据,探究不同情境差异下业绩型股权激励对企业创新的影响。结论表明,在医疗器械行业中,业绩型股权激励可以促使企业提高创新水平。进一步的研究发现,业绩型股权激励对企业创新的促进作用会受到情境差异的影响。一方面,较大的业绩型股权激励范围覆盖了核心员工的权益,让更多的核心员工分享企业成长收益,不仅可以体现激励的公平性,也有利于企业在较短时间内实现快速发展。另一方面,业绩型股权激励的行权期限越长,利益相容程度越高,继而对企业创新的影响越大。此外,股权集中度、管理层薪酬差距以及企业生命周期等情境差异均会影响业绩型股权激励的实施效果。这启示业绩型股权激励应结合行业和企业的具体情境,注重与其他管理控制工具相结合,继而有助于凝聚力量,提升组织成员的积极性,实现企业创新发展。

The medical device industry is an important industry related to national health,and performance-based equity incentives are important measures to promote the compatibility of corporate incentives.This article uses data from listed companies in the Chinese medical device industry from 2010 to 2021 to explore the impact of performance-based equity incentives on corporate innovation under different situational differences.The conclusion indicates that performance-based equity incentives can promote enterprises to improve their innovation level in the medical device industry.Further research has found that the promoting effect of performance-based equity incentives on corporate innovation is influenced by situational differences.On the one hand,a larger scope of performance-based equity incentives covers the rights and interests of core employees,allowing more core employees to share the benefits of corporate growth.This not only reflects the fairness of incentives,but also helps enterprises achieve rapid development in a short period of time.On the other hand,the longer the exercise period of performance-based equity incentives,the higher the degree of interest compatibility,and thus the greater the impact on enterprise innovation.In addition,situational differences such as equity concentration ratio,management pay gap and enterprise life cycle will affect the implementation effect of performance-based equity incentive.This suggests that performance-based equity incentives should be combined with the specific situation of the industry and enterprise,and focus on combining them with other management and control tools,which can help to gather strength,enhance the enthusiasm of organizational members,and achieve innovative development of the enterprise.