摘要
新能源技术是实现碳达峰碳中和的必然路径。基于226家新能源上市企业2015—2019年面板数据,构建多元回归模型探究政府补助对新能源企业实质性创新的影响以及高管激励对二者关系的调节作用。研究发现,政府补助与企业实质性创新显著正相关;高管股权激励对政府补助与实质性创新间的关系具有显著正向调节作用,提高股权激励水平会强化政府补助对创新的积极影响。进一步研究发现,政府补助对企业实质性创新的正向作用在非国有企业更明显,股权激励对其有正向调节效应,高管薪酬激励的负向调节作用在国有新能源企业中更显著。研究结论为政府完善补助政策和企业完善高管激励制度提供了依据。
Based on the panel data of 226 listed new energy enterprises from 2015 to 2019,this paper constructs a multiple regression model to explore the impact of government subsidies on the substantive innovation of new energy enterprises and the moderating effect of executive incentives on the relationship between them.The results show thatgovernment subsidies have a significant positive correlation with substantive innovation and that executive equity incentives have a significant positive moderating effect on the relationship between government subsidy and substantive innovation.Increasing the level of equity incentive will strengthen the positive effect of government subsidies on innovation.Further research shows that the positive effect of government subsidies on enterprise substantive innovation is more obvious in non-state-owned enterprises,that equity incentives have a positive regulating effect,and that executive compensation incentive have a more significant negative regulating effect in state-owned new energy enterprises.The conclusion provides evidence for the government to improve the subsidy policy and for enterprises to improve the executive incentive system.
作者
周明
陈玲凤
徐国庆
ZHOU Ming;CHEN Ling-feng;XU Guo-qing(School of Economics and Management,East China University Technology,Nanchang,Jiangxi 330013)
出处
《怀化学院学报》
2022年第1期35-41,共7页
Journal of Huaihua University
基金
国家自然科学基金项目“描述性创新信息披露与企业创新:作用机制及经济后果”(72064001)
东华理工大学2021年研究生创新项目“政府补助、高管激励与新能源企业实质性创新”(DHYC-202109)。
关键词
政府补助
实质性创新
高管激励
government subsidies
substantive innovation
executive incentive
