股权激励对企业创新的影响研究——基于融资约束中介效应的分析

Research on the impact of equity incentive on enterprise innovation——Analysis of the mediation effect based on financing constraints

股权激励在我国呈现“常态化”发展趋势,且激励对象逐渐覆盖核心技术人员。在这一现实背景下,股权激励能否促进企业创新值得进一步探究。文章借助2011—2020年沪深A股上市公司数据,实证检验了股权激励对企业创新的影响及其机制。研究发现,股权激励能够促进企业创新,融资约束在二者关系中存在中介效应;股权激励对企业创新的促进作用在非国有企业和位于高知识产权保护度地区企业中更为明显。

Equity incentives in China have shown a“normalized”development trend,and the incentive targets are gradually covering core technical personnel.In this realistic context,it is worth further exploring whether equity incentives can promote enterprise innovation.This article empirically examines the impact and mechanism of equity incentives on corporate innovation using data from A-share listed companies in Shanghai and Shenzhen from 2011 to 2020.Research has found that equity incentives can promote corporate innovation,and financing constraints have a mediating effect in the relationship between the two.The promoting effect of equity incentives on enterprise innovation is more evident in non-state-owned enterprises and enterprises located in areas with high intellectual property protection.