“研发投入—创新产出”转化差异:核心员工股权激励视角  

“R&D Investment-Innovation Output”Transformation Difference:From the Perspective of Core Employees Equity Incentives

作　　者：王婧 李田 霍梓轩 毛蕴诗[3] WANG Jing;LI Tian;HUO Zi-xuan;MAO Yun-shi

机构地区：[1]广州大学管理学院 [2]广东省委党校管理学教研部 [3]中山大学管理学院

出　　处：《产经评论》2020年第6期39-55,共17页Industrial Economic Review

基　　金：广东省科技厅科技计划项目“技术入股合作创新模式与股权激励优化研究”(项目编号:2016A040404007,项目负责人:毛蕴诗);广州大学-香港科技大学联合研究合作基金项目“粤港澳大湾区绿色技术银行建设的联动机制研究:基于多层次创新网络视角”(项目负责人:王婧);广东省自然科学基金项目“基于升级的我国OEM企业对外直接投资研究:路径选择及作用机制”(项目编号:2018A030310284,项目负责人:李田)。

摘　　要：在产业实践中,不同企业的“研发投入—创新产出”转化存在较大差异。核心员工股权激励在企业创新转化过程中扮演什么角色?这个问题目前还没有很好的答案。选取2011-2017年公告企业股权激励计划的中国上市制造业企业为研究样本,分析核心员工股权激励广度和强度以及股权激励限制条件和激励方式对制造业企业“研发投入—创新产出”转化的影响。结果表明:(1)当企业核心员工股权激励广度和强度更大时,企业“研发投入—创新产出”转化效果更好;(2)当企业核心员工股权激励的行权限制条件更少时,企业“研发投入—创新产出”转化效果更好;(3)当企业对核心员工采取股票期权激励方式时,企业“研发投入—创新产出”转化效果更好。In business practice the transformation of“R&D input-innovation output”between different companies varies quite differently.What role does core employee equity incentive play in the process of corporate innovation transformation?So far there is no good answer to this question.This paper selects Chinese listed manufacturing companies that announced corporate equity incentive plans from 2011 to 2017 as the research sample to analyze the moderating effects of the intensity of equity incentives,breadth of equity incentives,exercising restrictions and equity incentive methods.The research has found that:First,when the breadth and intensity of equity incentives for core employees are stronger,the enterprise's“R&D input-innovation output”transformation effect is better;second,when the company grants core employees equity incentives with fewer restrictions on the exercise of rights,the enterprise's“R&D input-innovation output”transformation effect is better;third,when the equity incentive method of core employees adopts stock options,the enterprise's“R&D input-innovation output”transformation effect is better.

关 键 词：“研发投入—创新产出”转化 股权激励强度 股权激励广度 行权限制条件 股权激励方式 

分 类 号：F425[经济管理—产业经济]