高管团队异质性、激励机制与企业研发投资行为——来自创业板上市公司的经验数据

TMT Heterogeneity,Incentive Mechanism and R&D Investment Behavior of Enterprises:Empirical Data from GEM Listed Companies

高管团队异质性对企业投资决策行为的影响已在学界达成共识,但激励机制在高管团队异质性与企业研发投资行为中的作用尚未引起足够重视。以2009-2016年创业板上市公司为样本,对高管团队异质性与企业研发投资行为的关系及高管激励制度对二者关系的调节效应进行了实证分析。研究结论显示:(1)高管团队异质性对企业研发投资行为具有显著影响作用;(2)高管薪酬激励制度可以强化高管团队性别、职业和任期异质性对研发投资行为的影响,高管股权激励制度则会弱化高管团队性别、职业和任期异质性对研发投资行为的影响;(3)薪酬激励和股权激励两种制度在对高管团队年龄、学历异质性与研发投资行为调节中具有互补效应。并且对产权性质不同的企业作了进一步分析,发现无论薪酬激励制度的强化效果还是股权激励制度的弱化效果,民营企业均显著高于国有企业。根据研究结论,提出了发挥高管团队异质性资源、规避高管团队异质性风险的思路。

It has been recognized by the academic circle on the heterogeneity of the top management team and the investment decision-making behavior of enterprises,but the role of incentive mechanism in the heterogeneity of top management team and the R&D investment behavior of enterprise has not attracted enough attention from scholars. In this paper,from the perspective of executive incentive,we using the Upper Echelon theory and incentive theory,choose the 2009-2016 listed companies in the GEM as the research sample,analyze the relationship between the heterogeneity of the top management team and the R&D investment behavior of the enterprise. The results show that:( 1) The heterogeneity of the executive team has an impact on the R&D investment behavior;( 2)The executive compensation incentive system can strengthen the influence of the heterogeneity of the top management team gender,occupation and tenure on the R&D investment behavior. The equity incentive system for the top management team will weaken the influence of the heterogeneity ofthe top management team gender,occupation and tenure on the R&D investment behavior.( 3) Compensation incentive and equity incentive system have complementary effects on the top management team age,degree heterogeneity and R&D investment behavior. Through further analysis of enterprises with different property rights,it is found that private enterprises are significantly larger than state-owned enterprises in terms of the strengthening effect of compensation incentive system and the weakening effect of equity incentive system. According to the research conclusion,this paper puts forward the framework of taking advantage of the heterogeneous resources and avoiding the heterogeneity risk of the top management team.