【摘要】：科技創(chuàng)新是國家調(diào)整經(jīng)濟(jì)結(jié)構(gòu)的核心內(nèi)容,是企業(yè)持續(xù)競爭優(yōu)勢和發(fā)展的源泉,近年來,我國RD投入保持持續(xù)快速增長的趨勢。本文運(yùn)用我國上市公司的經(jīng)驗(yàn)數(shù)據(jù)考察經(jīng)營者股權(quán)激勵(lì)和企業(yè)創(chuàng)新之間的關(guān)系。運(yùn)用兩階段最小二乘法回歸發(fā)現(xiàn),股權(quán)激勵(lì)與企業(yè)創(chuàng)新呈現(xiàn)出互動關(guān)系:當(dāng)企業(yè)研發(fā)投入增加時(shí),企業(yè)傾向于選擇降低股權(quán)激勵(lì)的比例,研發(fā)投入增量與股權(quán)激勵(lì)呈顯著負(fù)相關(guān)關(guān)系;從股權(quán)激勵(lì)對企業(yè)創(chuàng)新的影響來看,股權(quán)激勵(lì)與企業(yè)創(chuàng)新呈現(xiàn)倒"U"型關(guān)系;同時(shí),目前我國大部分公司股權(quán)激勵(lì)的比例還未達(dá)到最優(yōu)水平,為了提高股權(quán)激勵(lì)的效果,企業(yè)需要探索出一套適合企業(yè)自身的股權(quán)激勵(lì)方案,在設(shè)計(jì)激勵(lì)考核指標(biāo)時(shí),要考慮建立有效的公司治理結(jié)構(gòu),增加市值的考核因素。在制度設(shè)計(jì)方面,有關(guān)部門需要不斷完善制度建設(shè),減少擾亂市場公平、影響市場健康發(fā)展的行為,從而建立健全股權(quán)激勵(lì)制度,更好地發(fā)揮股權(quán)激勵(lì)制度的激勵(lì)效應(yīng)。
[Abstract]:Scientific and technological innovation is the core content of national adjustment of economic structure and the source of sustainable competitive advantage and development of enterprises. In recent years, China's RD investment has maintained a trend of sustained and rapid growth. In this paper, the empirical data of listed companies in China are used to investigate the relationship between equity incentive and enterprise innovation. By using the two-stage least square regression method, it is found that there is an interactive relationship between equity incentive and enterprise innovation: when the R & D investment of enterprises increases, enterprises tend to choose to reduce the proportion of equity incentives. There is a significant negative correlation between R & D investment increment and equity incentive. From the perspective of the impact of equity incentive on enterprise innovation, the relationship between equity incentive and enterprise innovation is inverted "U" type; At the same time, at present, the proportion of equity incentive in most companies in China has not reached the optimal level. In order to improve the effect of equity incentive, enterprises need to explore a set of equity incentive schemes suitable for the enterprise itself. We should consider the establishment of an effective corporate governance structure, and increase the market value of the assessment factors. In the aspect of system design, the departments concerned need to improve the system construction constantly, reduce the behavior of disturbing the market fairness and affect the healthy development of the market, so as to establish and perfect the equity incentive system, and give better play to the incentive effect of the equity incentive system.
【作者單位】： 中國人民大學(xué)經(jīng)濟(jì)學(xué)院;
【分類號】：F273.1;F275

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