股权结构、高管激励与企业创新——基于不同产权性质A股上市公司的数据  

Ownership Structure,Executive Incentive and Firm Innovation——Based on the Data of A-Share Listed Companies with Different Property Rights

作　　者：张玉娟[1] 汤湘希[1,2] ZHANG Yu-juan;TANG Xiang-xi(School of Accounting,Zhongnan University of Economies and Law,Wuhan 430073;Intellectual Property Institute,Zhongnan University of Economies and Law,Wuhan 430073,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]中南财经政法大学知识产权学院,湖北武汉430073

出　　处：《山西财经大学学报》2018年第9期76-93,共18页Journal of Shanxi University of Finance and Economics

基　　金：国家社会科学基金项目(17BJY089)

摘　　要：为研究国有企业和民营企业中股权结构、高管激励对创新投入和创新产出的差异影响,本文进行了实证分析。结果表明：民营企业比国有企业进行的研发创新活动更多;股权集中度对企业创新的抑制作用在民营企业中更为显著,股权制衡度对企业创新的促进作用在国有企业中更为显著;高管股权激励更能促进国有企业进行创新,高管薪酬激励更能促进民营企业进行创新;进一步考察外部环境对研究结果的影响后发现,良好的市场化环境是企业技术创新的重要推动力量。This paper empirically studies the influences of ownership structure and executive incentive on firm innovation in state-owned and private enterprises. We conclude as follows. Firstly, private enterprises are more likely to organize RD activities.Secondly, the inhibitory effect of equity concentration on corporate innovation is even more pronounced in private enterprises. Thirdly,the positive effect of equity balance degree on firm innovation is more pronounced in state-owned enterprises. Finally, executive equity incentive could better promote the innovation level in state-owned enterprises, while executive compensation incentives can promote that in private enterprises. Further examination of the external environment reveals that, better market environment is an important driving force for technological innovation.

关 键 词：企业创新 股权结构 高管激励 股权集中度 股权制衡度 高管股权激励 高管薪酬激励 

分 类 号：F272[经济管理—企业管理]