管理层激励、股权集中度与企业研发投入  

Management Incentives,Equity Concentration and Corporate R&D Investment

作　　者：张颖慧[1] 张佳予 ZHANG Yinghui;ZHANG Jiayu(School of Economics and Management,Xian Shiyou University,Xi'an,Shaanxi,710065,China)

机构地区：[1]西安石油大学经济管理学院,陕西西安710065

出　　处：《西安石油大学学报（社会科学版）》2021年第5期53-60,共8页Journal of Xi’an Shiyou University:Social Science Edition

摘　　要：以我国2015—2019年深证A股上市公司为样本,研究管理层激励下的两种激励模式对企业研发投入的影响,在此基础上探究股权集中度在管理层激励与研发投入之间的调节作用。研究发现,管理层激励措施能够显著地提高研发投入,在股权集中度的调节作用下,股权集中度越高,激励对研发投入的正向影响作用越弱。最后对优化企业股权结构、提高激励效率提出了建议。Taking A-share listed companies in Shenzhen Stock Exchange from 2015 to 2019 as the sample,this article studies the impact of two incentive models under management incentives on corporate R&D investment,and then explores the regulating role of equity concentration between management incentives and R&D investment.The study shows that management incentives can significantly increase R&D investment.Under the regulating role of equity concentration,the higher the equity concentration,the weaker the positive impact of incentives on R&D investment.Finally,some suggestions are offered in order to optimize equity structure and improve incentives efficiency.

关 键 词：管理层激励模式 股权集中度 企业研发投入 

分 类 号：F273.1[经济管理—企业管理]