经营者股权激励、创新与企业价值.PDFVIP

理论综合 经营者股权激励、创新与企业价值 ——基于内生视角的经验分析 沈丽萍 黄勤 (中国人民大学经济学院，北京 100872) 摘要：科技创新是国家调整经济结构的核心内容，是企业持续竞争优势和发展的源泉，近年来，我国RD投入保持持续 快速增长的趋势。本文运用我国上市公司的经验数据考察经营者股权激励和企业创新之间的关系。运用两阶段最小二乘 法回归发现，股权激励与企业创新呈现出互动关系：当企业研发投入增加时，企业倾向于选择降低股权激励的比例，研 发投入增量与股权激励呈显著负相关关系；从股权激励对企业创新的影响来看，股权激励与企业创新呈现倒“U”型关 系；同时，目前我国大部分公司股权激励的比例还未达到最优水平，为了提高股权激励的效果，企业需要探索出一套适 合企业自身的股权激励方案，在设计激励考核指标时，要考虑建立有效的公司治理结构，增加市值的考核因素。在制度 设计方面，有关部门需要不断完善制度建设，减少扰乱市场公平、影响市场健康发展的行为，从而建立健全股权激励制 度，更好地发挥股权激励制度的激励效应。 关键词：股权激励；企业创新；研发投入；内生性视角 Abstract: Technological innovation is the growthengine of a firm and the source of its sustainable competitive advantage. It is also a major focus of the ongoing economy-wide structural reform. China’sRD investment on the macro level has indeed been maintaining a rapidgrowth trend in recent years. In this paper, we use a data set of Chineselisted firms to examine the relationship between equity incentive for managementand firm innovation. Employing the two-stage least squares method, we find thatfirms tend to decrease the proportion of equity incentive when they increase RDi nvestment. Specifically, the increment of RD investment and theproportion of equity incentive are negatively correlated. Conversely, thecausal effect of equity incentive on firm innovation exhibits an inverted-Ushape, with most of the firms in our sample failing to reach the optimal proportion of equity incentive implied by the empirical model. In order forequity incentive to play a better role, firms need to design a more tailedequity incentive plan, incorporate market value indicators into the checklistof firm performance, and establish an effective corporate governance structurein the meantime