摘要
创新将成为“新常态”下中国经济发展的引擎。选取2007-2016年沪深两市A股上市公司为研究样本,考虑创新行为的过程性和系统性,运用综合指标衡量创新行为,基于管理层风险偏好研究股权激励对创新行为的异质性,发现实施股权激励能够促进企业创新行为;管理层越偏好风险,企业创新行为水平越高;在不同管理层风险偏好水平下,实施股权激励的效果有所不同,其中对于风险厌恶型管理层,股权激励对于创新行为的效果尤为显著。另外,在激励力度设计上,对于风险厌恶型管理层,激励力度与其创新行为显著正相关;从激励有效期来看,对于风险偏好型管理层,激励有效期的延长对于其从事创新行为的刺激作用更大。这些探究结果为中国企业转型过程中管理层激励方案具体设计提供了经验证据。
Innovation will become the engine of economic development under the“new normal”.On that account,this paper selects the A-share listed companies(2007-2016)in Shanghai and Shenzhen Stock Exchanges as the research samples;in view of the process and systematicness of innovation behavior,it employs comprehensive indicators to measure innovation behavior,and studies the heterogeneity of equity incentive on innovation behavior based on management risk preference.The results show that 1)the implementation of equity incentive can promote enterprise innovation behavior;2)a higher risk the management prefers to take renders a better innovation behavior;3)the effect of equity incentive is different under different management risk preferences,among which,for risk averse management,the impact is particularly significant.The paper also explores different innovative incentive effects of specific equity incentive scheme design on different management with different risk attitudes from three dimensions namely incentive mode selection,incentive strength design and incentive validity period,so as to provide empirical evidence for the specific design of management incentive scheme for Chinese enterprises in transformation.
作者
毕茜
向桂芳
刘志玉
李萧言
BI Qian;XIANG Gui-fang;LIU Zhi-yu;LI Xiao-yan(College and Economics and Management,Southwest University,Chongqing 400715;PricewaterhouseCoopers Zhongtian accounting firm,Chongqing 400700,China)
出处
《广西师范大学学报（哲学社会科学版）》
2020年第6期114-128,共15页
Journal of Guangxi Normal University(Philosophy and Social Sciences Edition)
基金
国家哲学社会科学基金项目“环境保护费改税与工业企业绿色转型协调的政策设计与支撑体系研究”(17BJY060)。
关键词
股权激励
创新行为
风险偏好
异质性
Equity incentive
innovation behavior
risk preference
heterogeneity
