高管激励方式与企业创新能力关系研究——基于制造业上市公司的经验证据

Study on the relationship between executive motivation and enterprise innovation ability——Based on empirical evidence of listed manufacturing companies

以2012-2016年中国A股制造业上市公司的数据为分析样本,探讨激励方式与企业创新能力的关系以及其他调节变量对这种关系的影响。研究结果表明:企业采用不同激励方式对创新能力产生的影响存在差异,采用股权激励的方式会对企业创新能力产生积极影响,薪酬激励方式会削弱两者之间的关系。研究进一步引入具有独立性的董事会和企业股权性质作为调节变量,研究发现具有独立性董事会并未产生明显的调节作用,非国有企业对高管采取的股权激励方式更容易对企业创新能力产生显著的正向影响。研究对企业在制定高管激励政策以提升企业创新能力方面具有一定的启示意义。

Taking the data of China’s A-share manufacturing listed companies from 2012 to 2016 as the analysis sample,the relationship between incentive mode and enterprise innovation ability and the influence of other moderating variables on this relationship are discussed.The results show that there are differences in the impact of different incentive methods on the innovation ability of enterprise,that the method of equity incentive will have a positive impact on the innovation ability of enterprise,and that the compensation incentive method will weaken the relationship between the two.The study further introduced the independent board of directors and the nature of corporate equity as moderating variables,and found that the independent board of directors did not have an obvious moderating effect,and the equity incentive method adopted by non-state-owned enterprises for senior executives was more likely to have a significance positive impact on the innovation ability of enterprise.This study has certain enlightenment significance for enterprises in formulating incentive policies for senior executives to enhance their innovation ability.