晋升激励对我国上市公司研发投入的影响研究  

Impact of intra-firm promotion incentive on R&D expenditure of listed companies

作　　者：康华[1,2] 吴祖光[1] Kang Hua;Wu Zuguang(School of Economics and Management,Xi'an University of Technology,Xizan 710054,Shaanxi,China;Postdoctoral Station of Management Sciences and Engineering,Xi'an University of Technology,Xi'an 710054,Shaanxi,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]西安理工大学管理科学与工程博士后流动站,陕西西安710054

出　　处：《科研管理》2020年第5期172-181,共10页Science Research Management

基　　金：国家自然科学基金面上项目:“基于风险行为视角的高管晋升激励对企业研发投入的影响研究”(71472151,2015-2018);中国博士后科学基金项目:“高管晋升激励、风险偏好与企业创新”(2014M552472,2015-2018);国家社会科学基金:“竞争性国有企业混合所有制改革动力鸿沟、融合机制与效果评价研究”(19BGL065,2019-2021)

摘　　要：本文采用2006-2015年7739家上市公司的Pool数据实证分析了企业内部晋升激励体系对企业研发投入的影响,OLS回归的结果显示:VP级高管晋升激励与研发投入显著负相关,支持公平理论;非VP级高管晋升激励与研发投入显著正相关,支持锦标理论;普通员工晋升激励与研发投入不相关。这一结果表明,我国上市公司不同主体的晋升激励的经济后果存在显著差异。How to motivate executives and employees to support firm R&D activity was an important problem in the innovation research field. Prior research mainly analyzed the relationship between the option plan of executives or employees and firm R&D activity, but there were some studies finding that the option plan did not suite for the firm R&D activity and the intra-firm promotion incentive was suitable for the firm innovation. So, some exterior researchers started to study the impact of executive′s promotion incentive on corporate R&D activity. Until now, there was little research about the relationship between the intra-firm promotion incentive and R&D activity in China.Compared to the Western countries, social culture in China was totally different which would change the relationship between intra-firm promotion incentive and R&D. Under the Chinese social culture background, this paper investigated the impact of intra-firm promotion incentive on R&D expenditure with a pooled data sample of the 7739 publicly listed Chinese companies for the period 2006-2015. In fact, because there was a complicated pyramid organizational hierarchy in Chinese listed companies, this paper studied the impact of three types of intra-firm promotion incentive which were VP′s promotion incentive, Non-VP′s promotion incentive and common employees′ promotion incentive on firm R&D activity. Specifically, this paper applied STATA12.0 software to construct three OLS modes to investigate the impact of intra-firm promotion incentive in Chinese listed company on R&D activity and draw some below conclusions.First, VPs′ promotion incentive was significantly negative to R&D expenditure which supported the equity theory, because the promotion probability of VPs was very low and Chinese traditional culture refused the pay dispersion between executives. According to the descriptive statistic, there were two CEO-level executives, five VPs and six Non-VPs. And that VPs and Non-VPs both have the chance of becoming CEO, so the average promotion prob

关 键 词：锦标理论 公平理论 晋升激励 研发投入 

分 类 号：F273.1[经济管理—企业管理]