财务资源冗余对研发投入的影响研究股权激励的调节效应.docVIP

预测 2017,03(36),36-41 DOI:10.11847/fj.36.3.36 财务资源冗余对研发投入的影响研宄 ——股权激励的调节效应 赵息林德林郝婷 天津大学管理与经济学部内蒙古科技大学经济与管 理学院 导出/ 关注 分亨 收藏打印 研发经费投入强度是衡量企业科研和创新能力的重耍指标，财务资源冗余是否 支持了企业研发活动的开展，实施股权激励对其创新活动是否有促进作用等问 题需要进一步的实证检验。木研究沪深A股实施股权激励的上市 公司为样本，将现金冗余和负债冗余作为两个独立变量代表财务资源冗余，实 证检验丫财务资源冗余与企业研发经费投入的关系，并进一步探究丫股权激励 对二者关系的调节效应。研宄表明，财务资源冗余与企业研发经费投入正相关， 具体而言，负债冗余和较现金冗余更能促进企业增加研发经费投入；股权激励正 向调节负债冗余与企业研发经费投入的关系，进一步研宄发现，限制性股票激 励模式对财务资源冗余与企业研发经费投入关系的调节效应要好于股票期权激 励模式。 关键词： 财务资源冗余;现金冗余;负债冗余;股权激励;研发经费投入; 2016-04-24 基金：国家社会科学基金重点资助项目（16AGL007） The Impact of Financial Slack on RD Investment The Regulating Effect of Equity Incentive ZHAO Xi LIN De-lin HAO Ting College of Management and Economics， Tianjin University; Abstract： The research and development intensity is an important indicator to measure enterprise’s innovation ability， whether the financial slack could support the conduct of research and development activities and whether the conduct of equity incentives could promote the innovation activities need further empirical testing. Using a sample of Chinese Ashare listed companies which had announced the implementation of equity incentives during 2008 to 2015，the relationship between financial slack and RD investment are tested, and the moderating effect of equity incentive on the relationship between financial slack and RD investment is further investigated by taking cash slack and liabilities slack as two independent substitute variables for financial slack. Results show that both cash slack and liabilities slack are positively correlated with RD investment. Particularly, comparing with cash slack， the liabilities slack can stimulate enterprises to increase RD investment. More importantly, the equity incentive plays a significantly positive moderating effect in the relationship between the financial slack and RD investment. In contrast, the restricted stock incentive shows a better moderating effect in the relationship than that of the stock option incentive. Keyword： financial sla