地域因素、CTO股权激励与创新投入——基于财务灵活性视角

发布时间：2018-03-17 07:52

本文选题：CTO持股　切入点：创新投入　出处：《现代财经(天津财经大学学报)》2017年05期 　论文类型：期刊论文

【摘要】：高管人员股权激励计划对企业创新活动的推动作用是当前战略管理领域的一个主要问题。基于财务灵活性的视角寻找中心城市和远离中心城市的上市公司在CTO股权激励与创新投入间关系的差异。结果表明,地处中心城市的公司CTO持股与创新投入的正向关系显著高于远离中心城市的公司,且其自由现金流表现出更为显著的中介效应。这可以理解为中心城市的公司对财务灵活性要求程度不高,融资约束少,受到股权激励的高管更愿意运用自由现金流来增加企业的创新投入。本文验证了不同地区上市公司对财务灵活性要求的差异及其对CTO股权激励与企业创新投入关系的影响,为从财务视角开展该领域的研究提供了有益的探索和重要支持。
[Abstract]:The role of executive equity incentive plan in promoting enterprise innovation is a major problem in the field of strategic management. Looking for central cities and listed companies away from central cities in CTO stocks based on financial flexibility. The difference between the relationship between right incentive and innovation investment. The positive relationship between CTO shareholding and innovation investment of companies located in central cities is significantly higher than that of firms far away from central cities. And its free cash flow shows a more significant intermediary effect, which can be understood as the financial flexibility of the companies in the central city is not high, and the financing constraints are less. Executives who are encouraged by equity are more willing to use free cash flow to increase innovation investment. This paper verifies the differences in financial flexibility requirements of listed companies in different regions and their influence on the relationship between CTO equity incentive and innovation investment. It provides beneficial exploration and important support for the research in this field from the perspective of finance.
【作者单位】：辽宁大学商学院;中国社会科学院研究生院;
【基金】：国家自然科学基金资助项目(71372200) 辽宁省教育厅基地项目(WJD201606)
【分类号】：F276.44;F273.1;F272.92

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