摘要
过往文献已证实企业内部薪酬差距对于企业的创新产出有显著影响,但鲜有文献考虑行业薪酬差距与创新策略之间的关系。基于2011―2018年我国上市公司专利信息和财务数据,本文考察了企业的行业薪酬差距如何影响其创新策略。研究发现,文章基准模型结果支持管理层短视理论,即行业薪酬差距会对经理人施加外部压力,从而减少企业的探索型创新,增加开发型创新。国有企业薪酬改革通过降低行业薪酬差距,能够有效缓解经理人的外部压力,提升企业的探索型创新。机制分析发现,行业薪酬差距主要通过企业风险承担渠道影响企业的创新策略选择。本文的研究结果表明,合理促进行业内部薪酬公平有助于促进上市公司参与探索突破性技术的创新活动。
The previous literature shows that the pay gap within a firm has strong influence on its innovation output.However,few studies consider the relationship between industry pay gap and firm’s innovation strategy.Based on patent-related information and financial data of listed companies in China from 2011 to 2018,this paper investigates how industry pay gap affects firm’s innovation strategy.This study finds that the benchmark model favors the managerial myopia theory,which predicts that the industry pay gap will exert pressure on managers and impede exploratory innovations while enhancing exploitative innovations.The reform on compensation mechanism of state-owned enterprises will release this pressure by reducing industry pay gap,and thus motivating exploratory innovations.The mechanism analysis shows that industry pay gap affects innovation strategies by altering firm’s risk-taking behavior.Our findings indicate that appropriately reducing industry pay gap is helpful for listed companies to engage more in exploratory innovations.
作者
卢允之
周开国
Lu Yunzhi;Zhou Kaiguo
出处
《证券市场导报》
CSSCI
北大核心
2022年第7期36-47,共12页
Securities Market Herald
基金
国家自然科学基金青年项目“我国上市公司异质创新策略的动因和效果研究:基于专利文本大数据的分析”(72002074)
广东省自然科学基金面上项目“粤港澳大湾区产学研合作的作用机制及产学研合作创新网络的形成机制研究”(2021A1515012647)
广州市哲学社会科学规划一般课题“广州打造全球人才创新高地研究”(2021GZYB09)。
关键词
行业薪酬差距
企业风险承担
创新策略
双重差分法
管理层短视
industry pay gap
firm risk-taking
innovation strategy
difference-in-difference
managerial myopia
