民营化、股权激励与创新效果——基于混合所有制上市公司专利产出的实证检验  

Privatization、Equity Incentive and Innovation Performance——Based on the Empirical Test of Patent Output from Mixed Ownership Listed Company

作　　者：姬怡婷 陈昆玉[1] JI Yi-ting;CHEN Kun-yu(School of Management,Yunnan university of finance and economics,Kunming 650221,China;China vocational college,Yunnan university of finance and economics,Kunming 650221,China)

机构地区：[1]云南财经大学商学院,昆明650221 [2]云南财经大学中华职业学院,昆明650221

出　　处：《哈尔滨商业大学学报（社会科学版）》2020年第3期85-97,共13页Journal of Harbin University of Commerce:Social Science Edition

基　　金：云南省哲学社会科学规划项目(YB2019032);云南财经大学研究生创新基金项目(2020YUFEYC039)。

摘　　要：现阶段混合所有制改革背景下,选取2006—2017年上海证券交易所混合所有制企业为研究对象,运用倾向得分匹配法,研究分析在混合所有制改革的深化过程中,国企民营化、股权激励与创新效果的关系。研究发现,股权激励能够促进混合所有制上市公司创新效果,股票期权对混合所有制上市公司创新效果有显著的促进作用,限制性股票对混合所有制上市公司创新效果促进作用不显著,部分民营化的企业股票期权对创新效果的促进作用不及完全民营化的企业显著。Under the background of current discussion on mixed ownership reform,the paper takes mixed ownership enterprises listed in Shanghai Stock Exchange from 2006 to 2017 as the research object,and studies the relationship of Privatization of state-owned enterprises and equity incentive with effect of innovation in mixed-ownership reform,using the propensity score matching.It’s found that:Equity incentive plan can promote the innovation of listed mixed ownership companies;Stock options have a significant effect on the innovation of mixed ownership listed companies,while restricted stock has no significant effect on the innovation of mixed ownership listed companies;The stock options of those partial privatization enterprises have less significant effect on innovation than those complete privatization enterprises.

关 键 词：国企民营化 股权激励 股票期权 限制性期权 创新效果 

分 类 号：F273.1[经济管理—企业管理]