控股股东社会资本能否提升企业创新效率——基于高管激励中介作用的视角  

Do the Social Capital of Controlling Shareholders Enhance the Efficiency of Corporate Innovation?——Discussing the Intermediary Role of Executive Incentives

作　　者：杨松令[1] 王志华[1] 赵加良 Yang Songling;Wang Zhihua;Zhao Jialiang

机构地区：[1]北京工业大学经济与管理学院,北京100124 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《河南社会科学》2019年第6期60-66,共7页Henan Social Sciences

基　　金：国家社会科学基金重点项目(13AGL003);国家社会科学基金面上项目(18BGL090)

摘　　要：创新作为国家宏观经济可持续发展和微观企业转型升级的重要驱动力,受到社会各界的关注。将控股股东社会资本这一非正式制度纳入研究范畴,以A股上市公司为研究对象,探究控股股东社会资本、高管激励及创新效率三者之间的直接影响与间接作用。研究发现,控股股东社会资本对企业创新效率有显著的提升作用,且高管的短期薪酬激励和长期股权激励均发挥着中介效应。此外,研究结论在非国有样本中仍然成立,且考虑了其他替代解释之后,稳健性检验的结果并未发生改变。As an important driving force for the sustainable development of national macro-economy and the transformation and upgrading of micro enterprises,innovation has attracted the attention from all sectors of society.This paper incorporates the controlling shareholder’s social capital into the research field,taking the A-share listed companies as research subjects,and explores the direct influence and indirect effects of the controlling shareholder’s social capital,executive incentives,and innovation efficiency.It is found that the social capital of the controlling shareholders has a significant promotion effect on the innovation efficiency;both the short-term compensation incentives and long-term equity incentives of senior executives play the mediating effect;the research conclusions are still established in the non-state-owned sample;after considering other alternative explanations,the results of the robustness test have not changed.

关 键 词：控股股东 社会资本 创新效率 高管激励 中介作用 

分 类 号：F83[经济管理—金融学]