摘要
当今国际世界的经济体系朝着一体化不断发展,面对一体化过程中存在的机遇与挑战,提升创新能力是企业应对经济格局变化的重要手段。企业的创新活动具有回报期长、收益不确定、风险高的特点,高管为了实现自身利益最大化往往可能忽视了公司利益,而减少对创新项目的投资。在此背景下,高管薪酬激励制度的实行能减少公司代理成本,缓解由于两权分离产生的矛盾。本文通过理论研究与实证分析相结合的方式,收集上市公司的相关数据,实证研究高管货币薪酬、权益性薪酬、薪酬差距是否能够促进企业创新,最后根据研究的结果对企业高管薪酬激励制度的制定提出了几点建议。
Nowadays,the international economic system is developing towards integration.Facing the opportunities and challenges existing in the process of integration,enhancing innovation ability is an important means for enterprises to cope with the change of economic pattern.The innovation activities of enterprises are characterized by long return period,uncertain returns and high risks.In order to maximize their own interests,senior executives may often ignore the interests of the company and reduce investment in innovation projects.In this context,the implementation of executive compensation incentive system can reduce the agency cost of the company and alleviate the contradiction caused by the separation of the two rights.Through the combination of theoretical research and empirical analysis,this paper collects relevant data of listed companies,and empirically studies whether executive monetary compensation,equity compensation and pay gap can promote enterprise innovation.Finally,according to the results of empirical research,this paper puts forward some suggestions for the establishment of executive compensation system.
作者
张志瑾
Zhijin Zhang(Nanjing University of Information Science and Technology,Nanjing,Jiangsu,211899)
关键词
高管货币薪酬
权益性薪酬
企业创新
Executive Monetary Compensation
Equity Compensation
Enterprise Innovation
