高管团队稳定性会影响企业技术创新绩效吗——基于薪酬激励和社会关系的调节作用研究

Does TMT Stability Affect Enterprise Technological Innovation Performance?——The Moderating Effect of Compensation Incentive and Human Relationship

本文以我国上市公司为样本,考察高管团队稳定性对企业技术创新绩效的影响及其作用机理。研究发现,高管团队稳定性与企业技术创新绩效正相关;在高管团队稳定性影响企业技术创新绩效中,股权激励和老乡关系的正向调节作用较显著,而货币薪酬和校友关系的正向调节作用则不显著。区分产权性质后发现,高管团队稳定性对技术创新绩效的正向影响在非国有控股公司更显著;薪酬激励和老乡关系的正向调节作用在非国有控股公司中更为显著;校友关系的正向调节作用在国有控股公司中更显著。

This paper studies the impact of TMT stability on innovation performance and its mechanism by using a sample of A listed companies in Shanghai and Shenzhen stock markets.The study finds that a positive correlation between TMT stability and innovation performance;the moderating effect of equity incentive and fellow villager relation is significant,but monetary compensation’s and alumni relation’s is not significant.By distinguishing property rights finds that the positive correlation between TMT stability and innovation performance,the positive moderating effect of equity incentive and fellow villager relation is more obvious in non-state-owned companies;the positive moderating effect of alumni relation is more obvious in state-owned companies.