摘要
高管人员股权激励计划对企业创新活动的推动作用是当前战略管理领域的一个主要问题。基于财务灵活性的视角寻找中心城市和远离中心城市的上市公司在CTO股权激励与创新投入间关系的差异。结果表明,地处中心城市的公司CTO持股与创新投入的正向关系显著高于远离中心城市的公司,且其自由现金流表现出更为显著的中介效应。这可以理解为中心城市的公司对财务灵活性要求程度不高,融资约束少,受到股权激励的高管更愿意运用自由现金流来增加企业的创新投入。本文验证了不同地区上市公司对财务灵活性要求的差异及其对CTO股权激励与企业创新投入关系的影响,为从财务视角开展该领域的研究提供了有益的探索和重要支持。
The effect of the equity incentive plan of senior executives on the enterprises' innovation is a key problem in the current strategic management field.Based on the perspective of financial flexibility,the paper is to find differences between equity incentive for the CTO and enterprise innovation investment of high and new technology enterprises that belong to the central areas or areas away from urban centers.The results show that CTO stockholding has positive influence on innovation investment and it tends to be more significant in the central region.Firms who are far away from central areas are facing higher level of financial flexibility because of higher level of information asymmetry and prefer to retain high free cash flow.Compared to firms located in areas away from urban centers,central companies will not concentrate on high level of financial flexibility.Hence,those firms whose CTOs share holdings are willing to use free cash flow to increase innovation investment.This paper validates the difference of financial flexibility requirements and the impact on the relationship between CTO equity incentive and enterprise innovation investment in different regions.It provides useful exploration and important support for the research of this field from the financial perspective.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2017年第5期74-85,共12页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金资助项目(71372200)
辽宁省教育厅基地项目(WJD201606)
关键词
CTO持股
创新投入
地域因素
财务灵活性
自由现金流
CTO stockholding
innovation investment
geography
financial flexibility
free cash flow
