CEO股权激励强度对企业研发投资的影响——基于薪酬结构的视角  

The Effect of CEO s Equity Incentive Intensity on Corporate R&D Investment--Based on the Perspective of Compensation Structure

作　　者：周建庆 梁彤缨[1] 陈修德[2] 彭玉莲 Zhou Jianqing;Liang Tongying;Chen Xiude;Peng Yulian(School of Business Administration,South China University of Technology,Guangzhou 510641,China;School of Management,Guangdong University of Technology,Guangzhou 510520,China;Guangzhou College of South China University of Technology,Guangzhou 510800,China)

机构地区：[1]华南理工大学工商管理学院,广东广州510641 [2]广东工业大学管理学院,广东广州510520 [3]华南理工大学广州学院,广东广州510800

出　　处：《中国科技论坛》2020年第3期88-96,147,共10页Forum on Science and Technology in China

基　　金：国家自然科学基金青年项目(71602038);广东省自然科学基金自由申请项目(2016A030313696);华南理工大学广州学院优秀骨干教师项目(57-CQ18YG02);广东省普通高校特色创新类项目(2018WTSCX219)。

摘　　要：本文基于薪酬结构的视角,选择2009—2017年对CEO实施了股权激励且在有效期内的中国A股上市公司为研究样本,运用多种计量分析方法实证检验了CEO股权激励强度(股权激励占薪酬总额的比例)对企业研发投资的影响,并进一步分析了CEO权力对上述影响的调节作用。研究发现:①CEO股权激励强度总体上对企业研发投资具有显著的抑制效应,然而此影响仅存在于限制性股票的激励方式当中,对于股票期权而言则并不显著;②CEO权力对股权激励强度的研发投资抑制效应具有显著的缓解作用。本文研究发现表明相对于低强度的保障型股权激励计划而言,高强度的绩效型股权激励计划更不利于企业研发投资活动的开展,这一结论对中国上市公司制定和完善股权激励机制具有一定的参考价值。Based on the perspective of compensation structure,this paper selects the Chinese A-share listed companies that have implemented equity incentives for CEOs in 2009—2017 as research samples,and examines the effect of CEO equity incentive intensity(the ratio of equity incentives to total compensation)on corporate R&D investment,and further analyzes the moderate effect of CEO power.The study finds that:①CEO s equity incentive intensity has a significant inhibitory effect on corporate R&D investment.However,this effect only significant in restricted stocks,but not in stock options.②CEO power can effectively alleviate the inhibitory effect of equity incentive intensity on corporate R&D investment.The findings show that compared with the low-intensity security-based equity incentive plan,the high-intensity performance-based equity incentive plan would damage corporate R&D investment.Therefore,it has certain reference value for the formulation and improvement of equity incentive mechanism for listed companies in China.

关 键 词：CEO股权激励强度 研发投资 限制性股票 股票期权 CEO权力 

分 类 号：C93[经济管理—管理学]