高管股权激励、R&D支出与企业绩效的实证分析
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摘要
基于2014-2016年中国294家高新技术上市企业的面板数据,结合高管特征理论、激励理论以及创新理论,分析了高新技术上市企业高管人员的股权激励与企业绩效之间的关系,探讨R&D支出对高管股权激励和企业绩效的中介效应。研究结果表明:高管股权激励不仅直接影响了企业绩效,还通过企业R&D支出间接影响了企业绩效。
Based on panel data of 294 high-tech listed companies in China from 2014 to 2016, this paper analyses the relationship between equity incentive and corporate performance of senior managers in high-tech listed companies, and explores the mediating effect of R&D expenditure on executive equity incentive and corporate performance. The results show that executive equity incentive not only directly affects corporate performance, but also indirectly affects corporate performance through R&D expenditure.
Based on panel data of 294 high-tech listed companies in China from 2014 to 2016, this paper analyses the relationship between equity incentive and corporate performance of senior managers in high-tech listed companies, and explores the mediating effect of R&D expenditure on executive equity incentive and corporate performance. The results show that executive equity incentive not only directly affects corporate performance, but also indirectly affects corporate performance through R&D expenditure.
引文
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[9]何霞,苏晓华.高管团队背景特征?高管激励与企业R&D投入:来自A股上市高新技术企业的数据分析[J].科技管理研究,2012(6):100-108.HE Xia,SU Xiaohua.Study on Background Characteristics of Top Management Team,Incentive Mechanism and High-tech Enterprise’s R&DInvestment[J].Science and Technology Management Research,2012(6):100-108.
[10]孙晓华,辛梦依.R&D投资越多越好吗?-基于中国工业部门面板数据的门限回归分析[J].科学学研究.2013,31(3):2015,377-385.SUN Xiaohua,XIN Meng yi.Are the more R&Dinvestments the better?the threshold regression analysis based on Chinese industrial department panal data[J].Studies in Science of Science2013,31(3):2015,377-385.
[2]俞若安.创业板上市公司高管激励和治理结构研究[J].统计与决策2015(14):181-184.YU RuoAn.Study on executive incentive and governance structure of gem listed companies[J].Statistics&Decision,2015(14):181-184.
[3]游春.股权激励?董事会?TMT团队与经营绩效--基于中国上市公司的实证分析[J].管理评论,2010,22(9):3-13.YOU Chun.Equity Incentive,the Board,TMTMember and Its Performance--An Empirical Analysis Based on China's Listed Companies[J].Management Review,2010,22(9):3-13.
[4]陈文强.长期视角下股权激励的动态效应研究[J].经济理论与经济管理,2016,V36(11):53-66.CHEN Wen-Qiang.A research on the dynamic effect of equity incentive under a long-term time frame[J].Economic Theory and Business Management,2016,V36(11):53-66.
[5]胡艳,马连福.创业板高管激励契约组合?融约束与创新投入[J].山西财经大学学报,2015,37(8):78-90.HU Yan,MA Lian-fu.Management incentive contract combination,financial constraints and innovation investment in gem companies[J].Journal of Shanxi University of Finance and Economics,2015,37(8):78-90.
[6]叶红雨,王勋.高新技术上市企业高管激励对企业绩效影响的实证研究--基于研发投入的中介作用[J].技术与创新管理,2017(5):520-525.YE Hongyu,WANG Xun.An Empirical Study on the Impact of Executive Incentive on Corporate Performance in High-tech Listed Enterprises Based on the Mediating role of R&D Investment[J].Technology and innovation management,2017(5):520-525.
[7]Koellinger P.The relationship between technology,innovation,and firm perfonnance-Empirical evidence from e-business in Europe[J].Research policy,2008,37(8):1317-1328.
[8]梁莱欲,张焕凤.高科技上市公司R&D投入绩效的实证研究[J].中南大学学报,2015,11(2):232-236.LIANG Laixin,Zhang Huanfeng.An empirical study on the R&D inputs performance of high-tech enterprises[J].Journal of Central South University,2015,11(2):232-236.
[9]何霞,苏晓华.高管团队背景特征?高管激励与企业R&D投入:来自A股上市高新技术企业的数据分析[J].科技管理研究,2012(6):100-108.HE Xia,SU Xiaohua.Study on Background Characteristics of Top Management Team,Incentive Mechanism and High-tech Enterprise’s R&DInvestment[J].Science and Technology Management Research,2012(6):100-108.
[10]孙晓华,辛梦依.R&D投资越多越好吗?-基于中国工业部门面板数据的门限回归分析[J].科学学研究.2013,31(3):2015,377-385.SUN Xiaohua,XIN Meng yi.Are the more R&Dinvestments the better?the threshold regression analysis based on Chinese industrial department panal data[J].Studies in Science of Science2013,31(3):2015,377-385.