家族企业、股权激励与研发投入  

Family Firm,Equity Incentive and R&D Input

作　　者：巩娜[1] 

机构地区：[1]上海立信会计学院,上海201620

出　　处：《证券市场导报》2013年第8期44-49,55,共7页Securities Market Herald

基　　金：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);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);<股权激励契约结构;管理层决策与公司价值>(71102013);教育部人文社会科学规划基金项目(09YJA630099)的部分研究成果;上海立信会计研究院项目(13KJYJ03)的阶段性研究成果

摘　　要：本文使用2007～2011年家族上市公司数据，分析我国家族上市企业实施股权激励对于企业研发投入的影响，同时分析了高科技行业以及市场化程度所产生的影响。实证结果表明，家族企业有可能基于促进公司研发投入的目的而实施股权激励；股权激励的实施能够促进家族企业管理层提高研发投入；高科技行业的家族业实施股权激励能够更加促进企业研发的投入；不同市场化进程地区的企业实施股权激励对于研发投入的作用有所不同，在市场化进程较高和较低地区的家族企业，实施股权激励不会对于企业研发产生显著正向影响，而在市场化程度居中的地区则会产生显著的促进作用。This paper analyzes the effect of implementation of equity incentive on R＆D input, and at the same time, analyzes the influence of high-tech industry and the impact of the degree of marketization, based on the family listed firms data from 2007 to 2011. The empirical results show that, the family enterprise may implement the equity incentive in order to improve the R＆D investment. The implementation of equity incentive will promote family enterprise management to improve R＆D investment. The implementation of equity incentive of family enterprise in high-tech industry will promote more enterprise R＆D investment. The effect of equity incentive plan issued by listed family company in different marketization process area is different. The equity incentive plans issued by listed family company in higher and lower marketization process area do not have significantly positive influence on R＆D input. But the incentive plan issued by listed family company in middle marketization area will have a significant role in promoting the R＆D investment. Besides, the paper distinguishes and analyzes the companies listed on different boards, and the conclusion can be helpful for the development of China＇s small and medium-sized enterprise capital market .

关 键 词：家族企业 股权激励 研发投入 高科技行业 

分 类 号：F830.9[经济管理—金融学]