股权激励对于我国民营企业研发投入的影响——以控股股东及行业为调节变量  

The Effect of Equity Incentive Plan on the R&D Input of Private Listed Company ——Based on the Moderator of Controlling Shareholder and Industry

作　　者：巩娜[1] 

机构地区：[1]上海立信会计学院,上海201620

出　　处：《经济管理》2013年第7期65-73,共9页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"我国企业集团内部资本市场的形成机制和经济后果研究"(71172017);国家自然科学基金项目"股权激励契约结构;管理层决策与公司价值"(71102013);上海市教委创新项目"后金融危机时代我国上市公司股权激励行为分析"(12YS156)

摘　　要：本文以2008～2011年民营上市公司为样本，以股权激励理论、堑壕理论以及企业创新理论为基础，以民营企业控股股东以及行业为调节变量，分析了民营企业实施的股权激励计划对于研发投入的影响。实证结果表明，民营企业实施的股权激励计划能够促进企业的研发投入，但是，民营企业控股股东的堑壕防御程度对于股权激励的激励作用会产生抑制作用，而高科技行业则会强化股权激励对于研发的正向影响，同时，高科技行业也会抑制民营企业控股股东的堑壕防御程度。The combination of technology and economy comes from Schumpeter＇s innovation theory. This theory emphasizes the importance of the innovation of production technology and production methods on the economic growth （Schumpeter, 1942）. After the study of Sehumpeter＇s research, the scholars start to analyze the influence fac- tors of innovation from different perspectives. Although there are many scholars paying attention to the innovation re- search in our country,the majority scholars make the analysis at the macroscopic level （Wu Yanbing,2012）. Few scholars analyze the effect of the enterprise interior salary system on the research and development, specially based on the sample of private enterprise. The management plays a crucial role in enterprise＇s research and development decision-making. But the salary contract is determined by the contract environment （Himmelberg, Hubbard and Pa- lia, 1999 ）. The inside and outside environment of the private enterprise is remarkable different with that of the state- owned enterprise （Ali, Chen and Radhakrishnan, 2007 ）, such as the characteristic of property rights and right of management are very different. Therefore, it is extremely necessary to analyze the influence of the private enterprise salary contract on the research and development investment. This article makes the analysis based on the sample of private listed enterprise between 2008 and 2011. Based on the stock option incentive theory, the paper examines the assumption that the equity incentive plan in the private enterprise can promote the research and development investment of the company. Based on the entrenchment effect theory,the paper examines the assumption that the degree of the entrenchment effect has a negative impact on the positive role of stock option plan on the enterprise R＆D input. Based on the enterprise innovation theory, the paper examines the assumption that compared to the non high-tech companies, the equity incentive plan of the private en- terprise can promote the r

关 键 词：民营企业 股权激励 研发投入 控股股东 行业 调节变量 

分 类 号：F275.5[经济管理—企业管理]