高管激励对企业创新质量的影响研究——基于独立董事的调节作用

Study on the Influence of Executive Incentive on Enterprise Innovation Quality:Based on the Regulatory Role of Independent Directors

创新是经济增长的重要驱动力,企业必须依靠创新来增强自身的核心竞争力。高管是企业的关键决策者,对企业的创新活动具有重要影响。选取中国2018-2022年1 699家制造业上市企业为研究样本,从高管激励的薪酬激励与股权激励两方面对企业创新质量的影响进行实证分析。研究发现:薪酬激励、股权激励均显著促进企业创新质量的提升;企业独立董事在薪酬激励与股权激励对企业创新质量的影响中起正向调节作用。因此,企业必须合理配置高管薪酬激励与股权激励,激发高管创新意愿与潜能,并充分发挥独立董事的作用,对公司管理层实施有效监督,从而促进企业创新和高质量发展。

Innovation is an important driving force for economic growth.To gain more profits,companies must rely on innovation to enhance their core competitiveness.Executives are the key decision-makers of an enterprise and have an important influence on the innovation activities of the enterprise.This paper selects 1,699 listed manufacturing companies in my country from 2018 to 2022 as a sample to conduct an empirical analysis on the impact of executive incentives on corporate innovation quality from two aspects:salary incentives and equity incentives.The study found that:both salary incentives and equity incentives significantly promote the improvement of corporate innovation quality;corporate independent directors play a positive regulating role in the impact of salary incentives and equity incentives on corporate innovation quality.Therefore,companies must rationally allocate executive compensation incentives and equity incentives,stimulate executives’willingness and potential to innovate,and give full play to the functions of independent directors to implement effective supervision of company management,thereby promoting corporate innovation and high-quality development.