财务资源冗余对研发投入的影响研究——股权激励的调节效应

发布时间：2018-02-21 00:29

本文关键词： 财务资源冗余现金冗余负债冗余股权激励研发经费投入　出处：《预测》2017年03期 　论文类型：期刊论文

【摘要】：研发经费投入强度是衡量企业科研和创新能力的重要指标,财务资源冗余是否支持了企业研发活动的开展,实施股权激励对其创新活动是否有促进作用等问题需要进一步的实证检验。本研究以2008~2015年沪深A股实施股权激励的上市公司为样本,将现金冗余和负债冗余作为两个独立变量代表财务资源冗余,实证检验了财务资源冗余与企业研发经费投入的关系,并进一步探究了股权激励对二者关系的调节效应。研究表明,财务资源冗余与企业研发经费投入正相关,具体而言,负债冗余相较现金冗余更能促进企业增加研发经费投入;股权激励正向调节负债冗余与企业研发经费投入的关系,进一步研究发现,限制性股票激励模式对财务资源冗余与企业研发经费投入关系的调节效应要好于股票期权激励模式。
[Abstract]:The investment intensity of R & D funds is an important index to measure the scientific research and innovation ability of enterprises. Whether the redundancy of financial resources supports the development of R & D activities of enterprises, Whether the implementation of equity incentive can promote its innovation needs further empirical test. This study takes the listed companies with Shanghai and Shenzhen A shares to implement equity incentive from 2008 to 2015 as a sample. Taking cash redundancy and liability redundancy as two independent variables to represent financial resource redundancy, this paper empirically tests the relationship between financial resource redundancy and enterprise R & D expenditure. The research shows that the redundancy of financial resources is positively related to the R & D expenditure of enterprises, in particular, the debt redundancy can promote the enterprises to increase R & D expenditure more than the cash redundancy. The relationship between debt redundancy and R & D expenditure of enterprises is positively adjusted by equity incentive. Further research shows that restrictive stock incentive model has better regulating effect on the relationship between financial resource redundancy and enterprise R & D expenditure than stock option incentive model.
【作者单位】：天津大学管理与经济学部;内蒙古科技大学经济与管理学院;
【基金】：国家社会科学基金重点资助项目(16AGL007)
【分类号】：F272.92;F273.1;F275

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