产品市场竞争、高管激励与企业创新——基于中国上市公司的经验证据  

Product Market Competition,Executive Incentives and Corporate Innovation——Empirical Evidence From Listed Chinese Companies

作　　者：何玉润[1] 林慧婷[2] 王茂林[2] 

机构地区：[1]北京工商大学商学院会计系 [2]中国人民大学商学院

出　　处：《财贸经济》2015年第2期125-135,共11页Finance & Trade Economics

基　　金：北京市属高等学校高层次人才引进与培养计划项目(CIT&TCD201404036);国家社科基金重大课题(14ZDA027);北京工商大学国有资产管理协同创新中心;中国人民大学科学研究基金项目"产品市场竞争与企业创新"(14XNH240)的资助

摘　　要：产品市场竞争对企业创新的作用机理一直是产业组织领域备受争议的话题。本文选取2007—2012年沪深两市非金融类A股上市公司为研究样本,从"行业内市场势力"和"行业间市场竞争"两个维度对二者关系进行了实证检验。结果表明,产品市场竞争对企业研发强度具有促进作用,但这种效应在国有企业中较弱,这一结论在考虑了内生性等问题后依然稳健;此外,高管薪酬激励和股权激励水平较高时,产品市场竞争对企业创新的促进作用更强。本文结论表明,产品市场竞争对现阶段中国上市公司创新强度具有重要的推动作用,但国有性质的产权不利于产品市场竞争作用机制的发挥。同时,若配合施行较高水平的高管激励,则更有利于企业在激烈的产品市场竞争环境下加大创新强度。The mechanism of product market competition on innovation of enterprises has always been a controversial topic in industrial organization. This paper is different from previous researches that we examine their relationship in different nature of property and select data of A-share non-financial listed companies in China from 2007 to 2012. We find that product market competition has significant and positive effect on corporate innovation from ＂inter-industry competition＂ and ＂ competition within industries＂ dimensions, but the effect is weaker in state-owned enterprises. In addition, product market competition can improve more innovation in enterprises which have higher levels of managerial compensation and stock-based incentives. The conclusion shows that product market competition can play an important and active role on the innovation of Chinese listed companies, but the property of SOEs is not conducive to the function of competition. Meanwhile, if enterprises improve executive incentives, it is more advantageous for enterprises to promote innovation in the fierce market environment. Our conclusion is of great importance for understanding the decision mechanism of Chinese corporate innovation in economic transition period and promoting the construction of an innovative country.

关 键 词：产品市场竞争 企业创新 产权性质 高管激励 

分 类 号：F273.2[经济管理—企业管理] F272.92[经济管理—国民经济] F273.1