公司高管股权激励对企业创新绩效的影响研究

发布时间：2018-07-12 16:06

本文选题：高级管理者 + 股权激励　；参考：《安徽大学》2017年硕士论文

【摘要】：在知识经济时代,创新能力的强弱对企业日益重要。对于上市公司而言,想要培育本企业的核心竞争力,最为行之有效的方法就是加强公司的技术创新能力。多数上市企业会倾向于在公司内部建立一套创新机制,来提高创新决策的正确性以及创新投入的回报率,但创新机制的建立与运行是受到激励制度的影响,也就是说会受到企业股权激励的影响,股权激励的效果又跟股权集中度以及所有权性质相关。在将股权结构、所有权性质与技术创新绩效相结合的研究上,国内外学者研究并不常见,虽然在对上市公司这方面的实证研究有不少,但是,股权激励与企业创新绩效之间的到底有何关系存在着分歧。因此,本文是在查阅及研读文献的基础上,对以往学者关于股权激励研究结论进行简单的梳理,发现在股权激励与企业创新绩效之间的关系上,有学者认为在上市公司实施股权激励有助于创新绩效的提升,但也有部分学者得出的研究结论是二者呈负相关,同时仍有学者证明出二者之间是没有明显的相关关系的。本文在此基础上,结合双因素理论、委托代理理论以及人力资本理论进行分析,然后采用倾向匹配得分法进行实证研究,以揭示上市公司高级管理者股权激励对创新绩效的影响,以及加入股权结构、企业性质之后,考虑股权激励的实施对企业创新绩效提高是否有促进作用,最后采用总资产收益率和净资产收益率两个指标数据变量进行稳健性检验,所得结果与文章结论基本一致。在经过PSM模型分析后,本文认为股权激励的实施是有助于促进企业创新绩效的提升,企业性质和股权结构对创新绩效的提升作用也是有影响的,对比了国有控股企业与非国有控股企业以及股权集中企业与股权分散企业来分析高管实施股权激励对企业创新绩效的影响,研究得出实施股权激励能够提高企业的创新绩效;在非国有控股企业中,进行股权激励对企业创新绩效的提升作用比国有企业显著;股权集中时,对高管进行股权激励更有助于企业创新绩效的提高。通过对我国上市公司的实证分析验证了此研究结论,为我国上市公司在完善股东对高管的约束机制、优化股权结构、健全高管激励机制、完善股权激励制度、培养技术创新能力、增强企业的竞争能力等几个方面提供理论依据和建议。
[Abstract]:In the era of knowledge economy, the strength of innovation ability is increasingly important to enterprises. For listed companies, the most effective way to cultivate their core competitiveness is to strengthen their technological innovation ability. Most listed enterprises tend to set up a set of innovation mechanism within the company to improve the correctness of innovation decision and the rate of return of innovation investment, but the establishment and operation of innovation mechanism is affected by the incentive system. That is to say, the effect of equity incentive is related to ownership concentration and ownership. In the research of combining ownership structure, ownership nature and technological innovation performance, scholars at home and abroad are not common, although there are many empirical studies on listed companies, but, There are differences in the relationship between equity incentive and enterprise innovation performance. Therefore, on the basis of consulting and studying the literature, this paper makes a brief combing of previous scholars' conclusions on equity incentive, and finds out the relationship between equity incentive and enterprise innovation performance. Some scholars believe that the implementation of equity incentives in listed companies is conducive to the improvement of innovation performance, but some scholars draw the conclusion that the two are negative correlation, while some scholars still prove that there is no obvious correlation between the two. On this basis, combined with the two-factor theory, principal-agent theory and human capital theory to analyze, and then use the tendency matching score method for empirical research. In order to reveal the impact of equity incentive on innovation performance of senior managers of listed companies, and to consider whether the implementation of equity incentive can promote the improvement of enterprise innovation performance after adding the ownership structure and the nature of the enterprise. Finally, two index data variables, total return on assets and return on net assets, are used to test the robustness, and the results are in good agreement with the conclusion of the paper. After the analysis of PSM model, this paper holds that the implementation of equity incentive is helpful to promote the improvement of enterprise innovation performance, and the nature of the enterprise and the ownership structure also have an impact on the promotion of innovation performance. Comparing the state-owned holding enterprises with non-state-owned holding enterprises, the centralized equity enterprises and the decentralized equity enterprises to analyze the impact of executive equity incentive on enterprise innovation performance, the research results show that the implementation of equity incentive can improve the innovation performance of enterprises. In non-state-owned holding enterprises, equity incentive plays a more important role than state-owned enterprises in improving innovation performance. Through the empirical analysis of the listed companies in China, this paper verifies the conclusions of this study, for the listed companies in our country to improve the shareholders' restraint mechanism, optimize the equity structure, improve the incentive mechanism of senior executives, improve the equity incentive system. Training the ability of technological innovation and enhancing the competitive ability of enterprises provide theoretical basis and suggestions.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F273.1

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