控股股东委派董事、高管薪酬与企业创新研究  

Directors Appointed by Controlling Shareholders, Executive Compensation and Enterprise Independent Innovation

作　　者：董香兰 董巧婷 胡梦泽 Dong Xianglan;Dong Qiaoting;Hu Mengze(School of Economics and Management,Shijiazhuang Tiedao University,Shijiazhuang 050043,China)

机构地区：[1]石家庄铁道大学经济管理学院,河北石家庄050043

出　　处：《石家庄铁道大学学报（社会科学版）》2021年第1期8-15,共8页Journal of Shijiazhuang Tiedao University（Social Science Edition）

基　　金：国家社会科学基金重点项目“生态位理论范式下的股东关系及其经济后果研究”(13AGL003);河北省高等学校人文社会科学重点项目“混改背景下股东生态位对企业创新效率的影响”(SD181031);河北省社会科学基金青年项目“混改背景下公司治理结构及其经济后果研究”(HB18GL064)。

摘　　要：基于控股股东委派董事视角,以我国沪深A股上市公司为研究对象,实证研究控股股东委派董事情况对企业创新的影响,以及高管薪酬在控股股东委派董事与企业创新之间关系的调节作用。研究发现:控股股东委派的董事比例与企业创新投入强度和创新产出呈显著正相关,说明控股股东委派董事对企业创新活动存在较大的推动作用;但控股股东委派董事的创新激励作用在一定程度上受到高管薪酬的制约,即高管薪酬负向调节了控股股东委派董事与企业创新之间的关系。研究成果丰富了企业创新影响因素的文献,拓宽了股东研究、公司治理结构研究等层面经济后果的研究,有助于以控股股东委派董事为切入点,改善公司治理,制定与实施企业创新相关的政策。From the perspective of directors appointed by controlling shareholders,this paper chose the sample of A-share listed companies in Shanghai and Shenzhen as research object,explored the influence of directors appointed by controlling shareholders on enterprise independent innovation and the adjustment effect of executive compensation on directors appointed by controlling shareholders and enterprise independent innovation.The results show that:there is a significant positive correlation between directors appointed by controlling shareholders and enterprise independent innovation,which indicates that the directors appointed by the controlling shareholder actively promote the independent innovation of enterprises.However,the innovative incentive effect of directors appointed by controlling shareholders is restricted to some extent by executive compensation.Executive compensation plays a negative adjustment effect on this improvement.The significance of this study is not only to enrich the literature on the influencing factors of enterprise independent innovation,but also to expand the economic consequences research on shareholder and corporate governance structure,and to help formulate and implement relevant policies in improving corporate governance and the level of enterprise independent innovation.

关 键 词：控股股东委派董事 高管薪酬 创新投入 创新产出 

分 类 号：F272.3[经济管理—企业管理]