资产结构错配、激励机制与企业双元创新

Mismatch of Asset Structure,Incentive Mechanism and Dual Innovation of Enterprises

企业高质量发展需要高质量的资产结构配置,高质量的资产结构配置是企业创新驱动的基石。然而,当前许多企业资产结构错配严重制约企业技术创新。本文基于2010-2020年中国A股上市公司数据,考察企业资产结构错配对企业双元创新的影响及激励机制的调节效应。研究发现:资产结构错配显著抑制了企业的探索式创新,对开发式创新的负向影响不显著。上述结论在经过一系列内生性处理与稳健性检验后依然成立。调节效应显示:高管股权激励缓解了资产结构错配对探索式创新的抑制作用,高管晋升激励和高管薪酬激励则加剧了两者之间的抑制作用;高管薪酬激励和研发薪酬激励缓解了资产结构错配对开发式创新的负向影响,高管晋升激励则加剧了两者之间的负向影响。进一步研究表明,资产结构错配促进了平衡式双元创新,抑制了组合式双元创新。资产结构错配对制造业、专精特新、重资产和低研发强度企业探索式创新的抑制作用更大,对非制造业、非专精特新企业、国有企业及轻资产企业开发式创新的影响更明显。研究结论为有效化解资产结构错配、优化企业激励机制、提升企业双元创新水平提供了经验证据。

High quality development of enterprises requires high-quality asset structure allocation,which is the cornerstone of innovation driven enterprises.However,many companies currently face serious asset structure mismatches,which to some extent constrain their technological innovation.This article is based on data from Chinese A-share listed companies from 2010 to 2020,and uses methods such as instrumental variables,system GMM,and PSM-DID to investigate the impact of asset structure mismatch on dual innovation in enterprises and the moderating effect of incentive mechanisms.Research has found that asset structure mismatch significantly inhibits exploratory innovation in enterprises,and its negative impact on exploitative innovation is not significant.And this conclusion still holds after a series of endogeneity treatments and robustness tests.This may be because exploratory innovation carries greater risks and greater uncertainty in outcomes,requiring more resource investment and risk-taking,and asset structure mismatch makes it more difficult for enterprises to meet these conditions.Further research indicates that asset structure mismatch promotes balanced dual innovation and suppresses combinatorial dual innovation.In addition, there are differences in the impact of mismatched asset structures on dual innovation among different types of enterprises. For manufacturing, SRDI (Specialized, Refinement, Differential and Innovation) enterprises, heavy asset, and low R&D intensity enterprises, asset structure mismatch has a greater inhibitory effect on exploratory innovation;For non manufacturing, non SRDI , state-owned enterprises, and light asset enterprises, the impact of asset structure mismatch on exploitative innovation is more pronou nced. In addition, this article also explores the moderating effect of incentive mechanisms on the relationship between asset structure mismatch and dual innovation. Research has found that executive equity incentives alleviate the inhibitory effect of asset structure mismatch on exploratory innovation, which may be because equity incentives make the long-term interests of executives and share-holders more aligned, thereby alleviating principal-agent conflicts. And executive promotion incentives and executive compensation incentives exacerbate the inhibitory effect of asset structure mismatch exploratory innovation, which may be because these incentive methods make executives pay more attention to short-term performance and risk control. For exploitative innovation, executive com-pensation incentives and R&D compensation incentives alleviate the negative impact of asset structure mismatch, which may be due to the low risk of exploitative innovation. These incentive methods have increased the enthusiasm and creativity of R&D personnel in the short term. However, executive promotion incentives exacerbate the negative impact of asset structure mismatch on exploitative innovation, which may be due to the fact that promotion incentives increase class conflicts within the company, thereby reducing sup-port for innovation. Overall, the research findings of this article provide important empirical evidence for effectively resolving asset structure mismatch, optimizing corporate incentive mechanisms, and enhancing the level of dual innovation in enterprises. For enterprises, they should actively optimize asset structure allocation, plan asset investment strategies reasonably, innovate asset management models, imple-ment differentiated policy support for dual innovation, improve resource utilization efficiency, and prevent asset structure mismatch. At the same time, it is necessary to improve diversified incentive mechanisms, attach importance to the synergy between incentive mechanisms and dual innovation, pay attention to the combination of long-term and short-term incentive mechanisms, establish a scientific promotion mechanism and strategic compensation system, achieve the synergy between compensation incentives and tech-nological innovation strategies, and optimize the R&D compensation incentive methods to stimulate employee innovation vitality. Finally, it is necessary to deepen dual innovation management, focus on differentiated strategic adjustments for different types of en-terprises, and minimize the inhibitory effect of asset structure mismatch on enterprise innovation.