创业板公司高管股权激励对研发投入影响研究

发布时间：2018-04-16 01:27

本文选题：创业板上市公司 + 股权激励　；参考：《广东工业大学》2017年硕士论文

【摘要】：伴随着日益激烈的市场竞争,科技创新正逐渐成为提高国家综合竞争力和经济发展的重要手段,作为微观经济主体的企业,研发投入活动是技术创新和技术进步的重要前提,是企业核心竞争能力的重要来源。但在现代企业制度下,企业的所有权和经营权相分离,企业所有者与管理者的利益不一致产生了委托—代理问题。由于研发创新活动具有较高的不确定性以及投资风险性,作为代理人的企业管理者很可能基于自利的目的而做出放弃企业长远利益的短视行为,从而选择走稳健路线而不去参与研发,在市场中做一个追随者,以尽量减少研发投入。因此,设计出使管理层与股东利益目标相一致的高管激励机制是企业创新成功的必要条件。本文首先对国内外企业技术创新影响因素、高管股权激励对企业研发投入影响的相关文献进行回顾;接着对相关的概念进行界定和衡量,并介绍了本研究的理论基础和我国创业板公司股权激励现状和研发投入现状;然后选择了我国创业板2010年-2015年间实行股权激励方案的220家上市公司作为样本,从其年度财务报告、股权激励公告中手工搜集、整理、汇总其披露的股权激励信息,并通过描述性统计分析、相关性分析、多元回归分析,分别研究高管股权激励契约结构对企业研发投入的影响。实证研究的结果表明,对高管实行股权激励会对企业研发投入产生正向积极影响;且实施限制性股票对企业研发投入的影响效果比股票期权的效果更好;而股权激励期限方面,激励期限越长,激励效果越好,而且股权激励期限对高管股权激励比例与RD投入的关系产生正向调节作用。最后本文结合前面章节的理论基础和研究结果,针对性地从政府层面和企业层面提出改进的对策建议,希望能对我国创业板公司完善高管股权激励机制,提升企业技术创新水平,实现公司价值最大化的目标。
[Abstract]:With the increasingly fierce market competition, scientific and technological innovation is gradually becoming an important means to improve the national comprehensive competitiveness and economic development. As a microeconomic main body of enterprises, R & D investment is an important prerequisite for technological innovation and technological progress.It is an important source of core competence.However, under the modern enterprise system, the ownership and management of the enterprise are separated, and the interests of the owner and the manager are not consistent, which leads to the principal-agent problem.Because of the high uncertainty and investment risk of R & D innovation activities, corporate managers as agents are likely to abandon the long-term interests of enterprises based on self-interest short-sighted behavior.So choose to take a steady path rather than participate in R & D, in the market as a follower to minimize R & D investment.Therefore, it is a necessary condition for the success of enterprise innovation to design an executive incentive mechanism which is consistent with the interests of management and shareholders.At first, this paper reviews the influence factors of technology innovation and the influence of executive equity incentive on R & D investment of enterprises at home and abroad; then defines and measures the related concepts.It also introduces the theoretical basis of this study and the current situation of equity incentive and R & D investment of gem companies in China, and then selects 220 listed companies that implemented equity incentive schemes in the gem from 2010 to 2015 as samples.From its annual financial report, equity incentive announcement manually collected, collated, summarized its disclosed equity incentive information, and through descriptive statistical analysis, correlation analysis, multiple regression analysis,The influence of executive equity incentive contract structure on R & D investment is studied.The results of the empirical study show that the executive equity incentive will have a positive impact on enterprise R & D investment; and the impact of restrictive stocks on R & D investment is better than that of stock option; and the duration of equity incentive.The longer the incentive period, the better the incentive effect, and the positive effect of equity incentive period on the relationship between executive equity incentive ratio and R D input.Finally, combining the theoretical basis and research results of the previous chapters, this paper puts forward countermeasures and suggestions for improvement from the government and enterprise level, hoping to improve the incentive mechanism of executive equity for gem companies in China.Improve the level of technological innovation and achieve the goal of maximizing the value of the company.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F272.92;F273.1

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