摘要
民营经济是社会主义市场经济的重要组成部分,其在长三角区域一体化发展进程中发挥着内在驱动作用,是稳定经济的“重要基础”和技术创新的“重要主体”。以长三角民营上市公司2014-2018年数据作为研究样本,运用平衡面板固定效应模型实证研究高管激励对创新投入的影响,并探究高管薪酬激励、高管股权激励对创新投入的影响是否存在替代效应及企业成长性对上述影响的调节作用。结果表明:高管薪酬激励、高管股权激励均与创新投入显著正相关,且其对创新投入的影响存在滞后效应;企业成长性对高管激励与创新投入间的关系具有显著的正向调节作用,引入企业成长性则会增加高管激励对创新投入的影响;高管薪酬激励、高管股权激励交互项与创新投入显著负相关,薪酬激励、股权激励对企业创新投入的影响存在明显的替代效应,两者互相抑制各自创新投入提升机制的发挥。
Private economy is an important part of the socialist market economy and an internal driving force in the process of regional integration in the Yangtze River delta.It is the foundation of economic stability and the subject of technological innovation.Taking the data of private listed companies in the Yangtze River delta from 2014 to 2018 as the research example,this paper uses the balanced panel fixed effect model to empirically study the impact of executive incentive on the innovation investment,and explores whether there is a substitution ef⁃fect of executive compensation incentive and executive equity incentive on innovation investment and the moder⁃ating effect of enterprise growth on the above impact.The results show that:executive compensation incentive and executive equity incentive are positively correlated with innovation input,and their influence on innovation input has lagged effect.Enterprise growth has a significant positive moderating effect on the relationship between executive incentive and innovation input.The introduction of enterprise growth will increase the influence of ex⁃ecutive incentive on innovation input.The interaction between executive compensation incentive and executive equity incentive is negatively correlated with innovation input,and the influence of compensation incentive and equity incentive on enterprise innovation input has obvious substitute effect.
作者
吴铖铖
谭庆
项桂娥
WU Chengcheng;TAN Qing;XIANG Guie(Business College,Chizhou University,Chizhou,Anhui 247000,China)
出处
《南京航空航天大学学报（社会科学版）》
2021年第2期54-61,共8页
Journal of Nanjing University of Aeronautics & Astronautics（Social Sciences）
基金
安徽省社会科学创新发展研究课题重大研究项目(2019ZD005)
池州学院人文社会科学研究一般项目(CZ2019RW06)。
关键词
民营企业
高管薪酬激励
高管股权激励
创新投入
企业成长性
private enterprises
executive compensation incentive
executive equity incentive
innovation input
enterprise growth
