發(fā)布時(shí)間：2018-05-03 09:34

  本文選題：生物醫(yī)藥公司 + 研發(fā)投入�。� 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：企業(yè)中的管理層和股東的委托代理沖突一直以來(lái)備受學(xué)者關(guān)注,而在解決如何緩解代理沖突的過(guò)程中,管理層薪酬是一個(gè)行之有效的角度。近些年來(lái),隨著管理層薪酬制度的逐步完善,對(duì)管理層實(shí)行長(zhǎng)期的激勵(lì)的企業(yè)越來(lái)越普遍。而且大量研究都在表明,長(zhǎng)期性的薪酬激勵(lì)將管理層和股東的利益緊密結(jié)合,不僅緩解了二者之間的委托代理沖突,而且還會(huì)影響著管理層的投資策略,突出表現(xiàn)在長(zhǎng)期性和不穩(wěn)定的投資。本文另辟蹊徑,以委托代理理論和激勵(lì)理論作為基石,從董事會(huì)設(shè)計(jì)薪酬方案來(lái)引導(dǎo)對(duì)創(chuàng)新起關(guān)鍵作用的高管決策者的行為作為切入點(diǎn),讓高管認(rèn)識(shí)到提高研發(fā)投入是有利可圖的事情,從而增強(qiáng)公司自主創(chuàng)新能力,豐富了有效激勵(lì)高管注重公司競(jìng)爭(zhēng)優(yōu)勢(shì)和長(zhǎng)期利益的研究。 在知識(shí)經(jīng)濟(jì)時(shí)代,技術(shù)創(chuàng)新的作用不言而喻,政府、企業(yè)與學(xué)術(shù)界都在關(guān)注如何提高企業(yè)的核心競(jìng)爭(zhēng)力—技術(shù)創(chuàng)新能力。醫(yī)藥行業(yè)是一個(gè)具有戰(zhàn)略性的支柱行業(yè),其最主要的特征是新產(chǎn)品或新技術(shù)的出現(xiàn),從而帶動(dòng)行業(yè)的發(fā)展。從某種程度上而言,醫(yī)藥公司的自主創(chuàng)新能力是公司成長(zhǎng)和發(fā)展的關(guān)鍵因素�；诖�,考慮到公司研發(fā)項(xiàng)目周期較長(zhǎng)、不確定性較大等特點(diǎn),高管會(huì)降低對(duì)研發(fā)投入的積極性,但如果公司董事會(huì)設(shè)計(jì)的薪酬激勵(lì)方案?jìng)?cè)重于鼓勵(lì)長(zhǎng)遠(yuǎn)發(fā)展,從而讓高管意識(shí)到增大研發(fā)投入是一件有利可圖的事情,這樣就緩解高管規(guī)避研發(fā)投入的機(jī)會(huì)主義行為。本文就實(shí)證檢驗(yàn)一下生物醫(yī)藥行業(yè)的薪酬方案,通過(guò)對(duì)2009-2011年中國(guó)生物醫(yī)藥上市公司研發(fā)投入強(qiáng)度和高管薪酬激勵(lì)的實(shí)證考察,結(jié)果表明公司董事會(huì)通過(guò)薪酬方案鼓勵(lì)公司高管提高研發(fā)投入強(qiáng)度以增強(qiáng)公自主創(chuàng)新能力。而且,研究表明公司薪酬方案更傾向于獎(jiǎng)勵(lì)提高研發(fā)投入強(qiáng)度的公司高管團(tuán)隊(duì),而不是公司CEO。 本文總共有六個(gè)部分。第一部分是緒論,構(gòu)建了論文的研究框架,闡述了文章的創(chuàng)新點(diǎn)。第二部分主要介紹了研究的理論依據(jù),界定了與論文主題相關(guān)的幾個(gè)基本概念,闡述了研發(fā)投入與高管薪酬激勵(lì)研究的相關(guān)理論,并梳理了國(guó)內(nèi)外的相關(guān)文獻(xiàn)。第三部分重點(diǎn)介紹了研發(fā)投入的現(xiàn)狀。第四部分是研究設(shè)計(jì),首先在理論分析的基礎(chǔ)上提出相應(yīng)的研究假設(shè),接著開(kāi)始介紹研究樣本的選取與數(shù)據(jù)來(lái)源,同時(shí)在相關(guān)參考文獻(xiàn)的基礎(chǔ)上,對(duì)被解釋變量、解釋變量和控制變量進(jìn)行了定義,提出了本文的研究模型。第五部分對(duì)實(shí)證結(jié)果進(jìn)行了分析同時(shí)對(duì)回歸結(jié)果進(jìn)行穩(wěn)健性檢驗(yàn)。第六部分,闡述本文的研究結(jié)論,提出研究不足之處并對(duì)研究做了進(jìn)一步展望。 在國(guó)務(wù)院提出用15年時(shí)間進(jìn)入創(chuàng)新型國(guó)家行列的總體目標(biāo)的背景下,通過(guò)對(duì)生物醫(yī)藥行業(yè)研發(fā)投入與高管薪酬激勵(lì)的研究,對(duì)于其他行業(yè)如何加大研發(fā)投入力度、提高自主創(chuàng)新能力產(chǎn)生一定的指導(dǎo)意義,同時(shí)豐富了有效激勵(lì)高管注重公司競(jìng)爭(zhēng)優(yōu)勢(shì)和長(zhǎng)期利益這一重要的研究課題,期待未來(lái)這一研究領(lǐng)域有更多深入的研究出現(xiàn)。
[Abstract]:The management layer and the principal-agent conflict in the enterprise have always been paid attention to by the scholars. In the process of solving the agent conflict, the management salary is an effective angle. In recent years, with the gradual improvement of the management salary system, the enterprises that have long encouraged the management are becoming more and more common. A large number of studies have shown that long-term remuneration incentives combine the interests of management and shareholders closely, not only alleviates the conflict between the two parties, but also affects the investment strategy of the management, and highlights the long-term and unstable investment. Stone, from the design of the board of directors to guide the behavior of the executive decision-makers who play a key role in innovation as a breakthrough point, let the executives realize that improving R & D investment is a profitable thing, thus enhancing the company's independent innovation ability, and enriching the research that effectively motivate the executives to pay attention to the competitive advantage and long-term interests of the company.
In the era of knowledge economy, the role of technological innovation is self-evident. The government, the enterprise and the academia are concerned about how to improve the core competitiveness of the enterprises - the technological innovation ability. The pharmaceutical industry is a strategic pillar industry whose most important feature is the emergence of new products or new techniques, which will lead to the development of the industry. On the other hand, the independent innovation ability of the pharmaceutical company is the key factor for the growth and development of the company. Based on this, the executives will reduce the enthusiasm for R & D investment, considering that the company's R & D project cycle is long and the uncertainty is large, but if the salary incentive scheme designed by the board of directors focuses on encouraging long-term development, it will make the company high It is a profitable thing to realize the increase of R & D investment by the management. This will relieve the opportunist behavior of senior executives to avoid R & D investment. This paper empirically examines the salary scheme of the bio pharmaceutical industry, through an empirical study on the intensity of R & D investment and the incentive of executive compensation in the 2009-2011 year Chinese pharmaceutical listed companies. The board of directors of the company encouraged executives to increase their R & D input to enhance their capacity for public innovation through compensation schemes. Moreover, the research shows that the company's compensation scheme is more likely to reward the company's top management team, not the company CEO., to increase the intensity of R & D investment.
This article has six parts altogether. The first part is the introduction, which constructs the research framework of the paper and expounds the innovation point of the article. The second part mainly introduces the theoretical basis of the research, defines several basic concepts related to the topic of the paper, expounds the related theories of research and development input and executive compensation incentive, and combs the domestic and foreign countries. The third part focuses on the present situation of R & D input. The fourth part is the research design. First, it puts forward the corresponding research hypothesis on the basis of theoretical analysis, and then begins to introduce the selection and data sources of the research samples, and on the basis of the related references, the explanatory variables, the explanatory variables and the control variables are carried out. The fifth part analyses the results of the demonstration and tests the robustness of the regression results. The sixth part, expounds the conclusions of this paper, and puts forward the shortcomings of the research and makes a further prospect for the research.
Under the background of the State Council's overall goal of entering the ranks of innovative countries for 15 years, through the research on R & D investment and executive compensation incentive in the bio pharmaceutical industry, it has a certain guiding significance for other industries to increase R & D investment and improve the ability of independent innovation. At the same time, it enriches the effective incentives for executives to pay attention to it. The important research topic of the company's competitive advantages and long-term interests looks forward to more in-depth research in the future.

【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F272.92;F275;F426.72

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 文芳;;上市公司高管團(tuán)隊(duì)特征與R&D投資研究[J];山西財(cái)經(jīng)大學(xué)學(xué)報(bào);2008年08期

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本文編號(hào)：1837969