股权激励、股权激励动机差异对研发支出的影响研究
发布时间：2019-03-13 17:53
【摘要】：所有者与经营者之间的委托代理问题一直是公司治理研究的热点。在经历了半个多世纪的发展之后,股权激励制度在美国日益成熟,并对美国股市的繁荣产生了不可磨灭的影响,缔造出了一个又一个股市神话。然而,被市场誉为"金手铐"的股权激励,却并不总能给公司带来高业绩,并且随着轰动全球的安然事件、代价昂贵的伊利股份高管人员股权激励计划以及AIG天价高管薪酬的事件曝光后,学者们逐渐意识到股权激励制度中也存在着广泛的非激励性因素。研发支出作为企业的一项资源,能从企业的产出、生产率以及价值三个方面显著提高企业业绩。那么,我国企业目前实施的股权激励会对企业的研发投资活动产生何种影响?股权激励中非激励因素的广泛存在对于企业研发活动的开展又会产生哪些不利影响?为了回答上述问题,本文从我国当前股权激励和研发支出现状出发,基于委托代理理论、管理层权力理论以及人力资本理论,就股权激励对研发支出的实质影响进行研究,并试图从股权激励动机的视角出发,进一步探究不同动机下股权激励对公司研发支出的影响。本文分五个部分进行研究。第一部分为绪论。首先对全文的研究背景和研究意义进行了阐述,然后总结了国内外的研究现状,最后简要说明了研究思路、方法及创新点。第二部分为相关概念界定与理论基础。这部分对股权激励和研发支出等基本概念和相关基础理论进行了介绍,包括委托代理理论、管理层权力理论及人力资本理论等。第三部分为理论分析与研究假设。该部分阐述了我国上市企业股权激励与研发支出的现状,并分析了提出相关研究假设的理论依据和影响路径。第四部分为实证研究。通过样本数据的收集和变量指标的选择,实证模型的构建,选取2006-2014年沪深证券交易所A股上市公司作为样本,进行描述性统计、相关性分析以及多元回归分析。第五部分为研究结论与政策建议。研究结果表明:(1)股权激励与研发支出之间呈现"倒U型"曲线关系。(2)相对于非激励型股权激励,激励型股权激励能显著提高研发支出水平。本文可能的创新点在于:(1)研究视角创新。国内外学者关于股权激励对研发支出的影响研究取得了一定的成果,但相关研究主要围绕单一指标研究或区分行业类型、产权性质、股权激励类型等加以研究,本文试图以股权激励动机为视角,研究两类动机——激励型动机、非激励型动机下股权激励对公司研发支出的影响;(2)研究内容创新。本文基于委托代理理论、管理层权力理论以及人力资本理论,采用市场模型方法区分股权激励动机,将公司研发支出水平与其资本市场表现有机结合,分别考察两类激励动机下股权激励对研发支出的影响,进一步拓展股权激励对研发支出的影响研究。
[Abstract]:The principal-agent problem between owner and operator has always been a hot topic in the research of corporate governance. After more than half a century of development, the equity incentive system has become more and more mature in the United States, and has an indelible impact on the prosperity of the American stock market, creating one stock market myth after another. However, equity incentives hailed by the market as "golden handcuffs" do not always bring high performance to the company, and with the global Enron events, After the revelations of the expensive Ely stock executive equity incentive scheme and the AIG high-cost executive compensation, scholars gradually realized that there are also a wide range of non-incentive factors in the equity incentive system. As a resource of an enterprise, R & D expenditure can significantly improve enterprise performance from three aspects: output, productivity and value. So, what is the impact of equity incentive on R & D investment activities of enterprises in China? What are the adverse effects of the widespread existence of non-incentive factors in equity incentive on the development of R & D activities of enterprises? In order to answer the above questions, based on the principal-agent theory, management power theory and human capital theory, this paper studies the real impact of equity incentive on R & D expenditure from the current situation of equity incentive and R & D expenditure in China. From the perspective of equity incentive motivation, we try to explore the influence of equity incentive on R & D expenditure of companies under different motivations. This paper is divided into five parts. The first part is the introduction. Firstly, the research background and significance of the full text are described, and then the research status at home and abroad is summarized. Finally, the research ideas, methods and innovations are briefly explained. The second part is the definition and theoretical basis of related concepts. This part introduces the basic concepts of equity incentive and R & D expenditure, including principal-agent theory, management power theory and human capital theory. The third part is theoretical analysis and research hypothesis. This part describes the current situation of equity incentive and R & D expenditure of listed enterprises in China, and analyzes the theoretical basis and influence path of relevant research hypotheses. The fourth part is an empirical study. Through the collection of sample data, the selection of variable index and the construction of empirical model, the paper selects A-share listed companies in Shanghai-Shenzhen Stock Exchange from 2006 to 2014 as samples, and carries on descriptive statistics, correlation analysis and multiple regression analysis. The fifth part is the research conclusions and policy recommendations. The results show that: (1) there is a "inverted U" curve between equity incentive and R & D expenditure; (2) compared with non-incentive equity incentive, incentive equity incentive can significantly improve R & D expenditure level. The possible innovations of this paper are as follows: (1) the innovation of research perspective. Scholars at home and abroad have made some achievements on the impact of equity incentive on R & D expenditure, but the related research focuses on the study of single index or differentiation of industry type, property right nature, equity incentive type and so on. From the perspective of equity incentive motivation, this paper attempts to study the impact of equity incentive on R & D expenditure of companies under incentive motivation and non-incentive motivation. (2) Innovation of research content. Based on the principal-agent theory, the management power theory and the human capital theory, this paper uses the market model method to distinguish the motivation of equity incentive, and combines the level of R & D expenditure of the company with its capital market performance. The effects of equity incentive on R & D expenditure under two types of incentive motivation are investigated, and the research on the impact of equity incentive on R & D expenditure is further expanded.
【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
本文编号：2439623
[Abstract]:The principal-agent problem between owner and operator has always been a hot topic in the research of corporate governance. After more than half a century of development, the equity incentive system has become more and more mature in the United States, and has an indelible impact on the prosperity of the American stock market, creating one stock market myth after another. However, equity incentives hailed by the market as "golden handcuffs" do not always bring high performance to the company, and with the global Enron events, After the revelations of the expensive Ely stock executive equity incentive scheme and the AIG high-cost executive compensation, scholars gradually realized that there are also a wide range of non-incentive factors in the equity incentive system. As a resource of an enterprise, R & D expenditure can significantly improve enterprise performance from three aspects: output, productivity and value. So, what is the impact of equity incentive on R & D investment activities of enterprises in China? What are the adverse effects of the widespread existence of non-incentive factors in equity incentive on the development of R & D activities of enterprises? In order to answer the above questions, based on the principal-agent theory, management power theory and human capital theory, this paper studies the real impact of equity incentive on R & D expenditure from the current situation of equity incentive and R & D expenditure in China. From the perspective of equity incentive motivation, we try to explore the influence of equity incentive on R & D expenditure of companies under different motivations. This paper is divided into five parts. The first part is the introduction. Firstly, the research background and significance of the full text are described, and then the research status at home and abroad is summarized. Finally, the research ideas, methods and innovations are briefly explained. The second part is the definition and theoretical basis of related concepts. This part introduces the basic concepts of equity incentive and R & D expenditure, including principal-agent theory, management power theory and human capital theory. The third part is theoretical analysis and research hypothesis. This part describes the current situation of equity incentive and R & D expenditure of listed enterprises in China, and analyzes the theoretical basis and influence path of relevant research hypotheses. The fourth part is an empirical study. Through the collection of sample data, the selection of variable index and the construction of empirical model, the paper selects A-share listed companies in Shanghai-Shenzhen Stock Exchange from 2006 to 2014 as samples, and carries on descriptive statistics, correlation analysis and multiple regression analysis. The fifth part is the research conclusions and policy recommendations. The results show that: (1) there is a "inverted U" curve between equity incentive and R & D expenditure; (2) compared with non-incentive equity incentive, incentive equity incentive can significantly improve R & D expenditure level. The possible innovations of this paper are as follows: (1) the innovation of research perspective. Scholars at home and abroad have made some achievements on the impact of equity incentive on R & D expenditure, but the related research focuses on the study of single index or differentiation of industry type, property right nature, equity incentive type and so on. From the perspective of equity incentive motivation, this paper attempts to study the impact of equity incentive on R & D expenditure of companies under incentive motivation and non-incentive motivation. (2) Innovation of research content. Based on the principal-agent theory, the management power theory and the human capital theory, this paper uses the market model method to distinguish the motivation of equity incentive, and combines the level of R & D expenditure of the company with its capital market performance. The effects of equity incentive on R & D expenditure under two types of incentive motivation are investigated, and the research on the impact of equity incentive on R & D expenditure is further expanded.
【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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