企业持续创新影响因素研究.docxVIP

企业持续创新影响因素研究 段海艳 摘要： 使用持续专利时间、持续专利数量、持续发明时间和持续发明数量对企业持续创 新进行测度，就公司规模、企业盈利能力、债权融资水平、股权结构和高管激励 等对企业持续创新的影响进行理论分析，提出相关假设，并以国泰安“屮国上 市公司专利研究数据库” 1985-2015年涉及的1 921家上市公司为样本进行实证 检验。结果发现:公司规模与企业持续创新止相关;盈利能力和债权融资水平对企 业持续创新的影响不显著;股权结构中，第一大股东持股比例与持续专利时间、 持续发明时间负相关，对持续专利数量和持续发明数量的影响不显著。机构投资 者持股比例与企业持续专利时间正相关，对其它持续创新变量的正向影响不显 著;在高管激励中，以薪酬测度的高管短期激励与企业持续创新正相关，以持股 比例测度的高管长期激励对企业持续创新的积极作用没有得到完全发挥。 关键词： 持续创新;企业规模;薪酬激励;股权激励； 作者简介：段海艳(1972-)，女，山西临汾人，博士，河南科技大学管理学院 副教授，研究方向为公司治理、企业财务。 收稿日期：2017-06-25 基金：国家自然科学基金项目(U1204704/G0202) Research on the Influencing Factors of Enterprise s Continuous Innovation Duan Haivan School of Management, Henan University of Science and Technology; Abstract： Use continuous patent time, continuous patent number, continuous invention time and continuous invention number as the measurement of continuous innovation. Based on the theoretical analysis of the impact of firm size, firm profitabi1ity, debt finaneing, equity structure and executives inccntivc on cntcrprisc s continuous irinovation，it puts forward releva nt assumptions, does empirical test t aking Chinese listed companies patent research database7 in CSMAR from 1985 to 2015 as sample. The results show that firm size is positively related with continuous inno veition.Firm pro fit ab i lity and debt f inane ing have no signifiednt influence on continuous irmovation.As for ownership structure, the proportion of the first shareholder is negatively related with continuous patent time and continuous invention time, while it has no significant influence on continuous patent number or continuous invention rmmber. The proportion of institutioneil investors is positively related with continuous patent time, but the impact is not significant as to other dependent variables. Executive s short-term incentive is positively related with continuous innovation which is measured by annual compensation, while executive s long-term incentives positive impact on continuous innoveition which is measure by shareholding ra