家族企业、股权激励与研发投入.PDFVIP

族企业、股权激励与研发投入 巩娜 （上海立信会计学院，上海 20 1620 ） 摘要：本文使用2007-20 11 年家族上市公司数据，分析我国家族上市企业实施股权激励对于 企业研发投入的影响，同时分析了高科技行业以及市场化程度所产生的影响。实证结果表明， 家族企业有可能基于促进公司研发投入的目的而实施股权激励；股权激励的实施能够促进家 族企业管理层提高研发投入；高科技行业的家族业实施股权激励能够更加促进企业研发的投 入；不同市场化进程地区的企业实施股权激励对于研发投入的作用有所不同，在市场化进程 较高和较低地区的家族企业，实施股权激励不会对于企业研发产生显著正向影响，而在市场 化程度居中的地区则会产生显著的促进作用。 关键词：家族企业，股权激励，研发投入，高科技行业 Abstract:This paper analyzes the effect of implementation of equity incentive on RD input, and at the same time, analyzes the influence of high-tech industry and the impact of the degree of marketization, according to the family firm from 2007 to 201 1. The empirical results show that, the family enterprise may implement the equity incentive in order to improve the RD investment. The implementation of equity incentive will promote family enterprise management to improve RD investment. The implementation of equity incentive of family enterprise in High-tech industry will promote more enterprise RD investment. The effect of equity incentive plan issued by listed family company in different marketization process area is different. The equity incentive plan issued by listed family company in higher and lower marketization process area do not have significantly positive influence on RD input. But the incentive plan issued by listed family company in middle marketization area will have a significant role in promoting the RD investment. Besides, the paper distinguishes and analyzes the companies listed on different boards, the conclusion can be helpful for the development of Chinas small and medium-sized enterprise capital market Key words: listed family company, equity incentive, RD input, High-tech industry 作者简介： 娜，女，上海立信会计学院讲师，研究方向：股权激励与公司治理。 中图分类号： 文献标识码：A 引言 研发对于企业，特别是家族企业的长期持续发展起到了至关重要的作用，同时激励制度 也是公司治理的重要组成部分，但是国内却少有学者从企业，