谁才是企业创新的真正主体:高管人员还是核心员工

发布时间：2018-06-01 23:16

本文选题：高管人员股权激励 + 核心员工持股　；参考：《财贸经济》2017年12期

【摘要】：如何优化人力资本激励制度以提高企业的创新能力已成为公司治理领域的热点话题之一。本文关注2006-2015年实施核心员工持股计划和股权激励计划的A股非金融类上市公司,通过对比核心员工持股与高管人员股权激励,试图回答这两种激励机制谁才是企业创新激励效应的主体。研究发现:核心员工持股显著提高了企业的创新能力;核心员工持股的创新激励效应显著高于高管人员的股权激励;相较于高管人员股权激励,核心员工持股通过缩小核心员工与高管人员之间的薪酬差距,降低了高管人员与核心员工之间的代理成本,提高了企业的创新能力。上述研究不仅有助于从理论上寻找企业创新能力的源泉,也为我国混合所有制企业推广实施核心员工持股计划的激励制度改革提供了理论依据和政策参考。
[Abstract]:How to optimize the incentive system of human capital to improve the ability of enterprise's innovation has become one of the hot topics in the field of corporate governance. This paper focuses on the non financial listed companies of A shares, which have implemented the core employee stock ownership plan and equity incentive plan for 2006-2015 years, and try to answer this two by comparing the core employee stock ownership and the executive stock incentive. It is found that the core employee stock ownership significantly improves the innovation ability of the enterprise, and the innovation incentive effect of the core employee stock ownership is significantly higher than that of the executives' equity incentive, and the core employee stock ownership is narrowed by the core employee and the executive staff compared to the executive stock incentive. The salary gap between the executives and the core staff has reduced the agency cost between the top staff and the core staff and improved the innovation ability of the enterprise. The above research not only helps to find the source of the innovation ability of the enterprise in theory, but also provides the theoretical basis and policy for the reform of the incentive system for the mixed ownership enterprises to promote the implementation of the core employee stock ownership plan. A reference.
【作者单位】：浙江财经大学会计学院;
【基金】：教育部人文社科基金一般项目“管理层股权激励的动机识别及实施效果的差异化研究”(16YJC630009) 浙江省自然科学基金青年项目“股权激励的动机差异对公司投融资行为偏好的影响极其经济后果——基于行为心理学的逻辑”(LQ17G020005) 浙江省哲学社会科学规划基金“企业虚假陈述后信息风险及其智能评价研究”(16NDJC151YB)
【分类号】：F272.9

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