摘要
本文基于环境不确定性的视角,以2010—2015年中国制造业上市企业为研究对象,研究了企业实施股权激励计划对创新投入和创新产出的影响。本文发现,股权激励对企业的创新投入和创新产出均有促进作用;环境不确定性会抑制股权激励对创新投入和创新产出的促进作用;环境不确定性的抑制作用因市场化进程水平的不同而存在差异,当企业所处地区的市场化进程水平较高时,环境不确定性的抑制作用减弱。本文的研究结论丰富了不确定环境下股权激励与企业创新活动关系相关领域的研究成果;同时,为企业合理制定股权激励政策,政府采取措施有效促进企业创新活动提供了理论依据。
Nowadays,the world's new round of technological revolution and industrial transformation are gestating,and innovation has become a“race”for countries to compete for.Innovation is the engine of growth.As the cell of the national economy,the ability and level of enterprises innovation directly determine the development of the national economy.However,the characteristics of technological innovation are long cycle,heavy investment and high uncertainty.As a rational economic manager,the preference of the manager for the existing earnings restricts the enthusiasm for carrying out innovative activities.Therefore,the key to solve the problem is designing an incentive mechanism to solve the shortsighted behavior of managers.The proposal of equity incentive system is based on this idea.By allowing managers to hold shares of the company,managers and shareholders share risks and benefits,consider the company's development in the long run,increase the company's innovative inputs and output,and promote the longterm development of the company.The individual behavior of the enterprise is the product of the combination of the individual and the environment,that is,the individual behavior is affected by both internal and external factors.In recent years,China's economic environment has been repeatedly turbulent.As the corporate governance and incentive mechanism,the effectiveness of equity incentive must be influenced by the environment.Therefore,this article analyzes the different influences of equity incentive on the innovation activities of enterprises from the perspective of the environmental uncertainty that the enterprises are facing.In addition,this article further subdivides the institutional environment that enterprises face and explores the regulatory role of environmental uncertainty on equity incentives and innovation under different degrees of marketization.The innovation activities of enterprises include innovation investment and innovation output.In this paper,we measure the innovation of enterprises from
作者
朱德胜
ZHU De-sheng(Shandong University of Finance and Economics,Jinan,Shandong,250014,China)
出处
《经济管理》
CSSCI
北大核心
2019年第2期55-72,共18页
Business and Management Journal ( BMJ )
基金
教育部人文社会科学研究项目"收益信息披露对非专业投资者认知决策影响研究"(15YJAZH114)
山东省社会科学规划研究项目"山东省装备制造业股权结构优化与创新效率提升途径研究"(17CKJJ26)
关键词
环境不确定性
股权激励
创新投入
创新产出
environmental uncertainty
equity incentive
innovation input
innovation output
