股权激励、R&D投入对上市企业财务绩效的影响  

StudyOn The Impact Of Equity Incentive And R&D Investment On the Financial Performance Of Listed Enterprises

作　　者：郑贵华[1] 陈蕾莉 ZHENG Gui-hua;CHEN Lei-li(Hunan University Of Technology,Business Department,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学商学院,湖南株洲412007

出　　处：《哈尔滨商业大学学报（社会科学版）》2021年第6期27-35,81,共10页Journal of Harbin University of Commerce:Social Science Edition

摘　　要：当今社会科技迅猛发展,创新成为新时代企业发展的动力源泉,企业为获得持续竞争优势不断进行研发创造,公司治理在一定程度上影响企业创新研发投入,因此基于企业技术创新和公司治理两方面探究财务绩效的提升方式。选取2010—2020我国A股上市企业财务数据,运用多元回归分析和中介效应模型,利用财务数据检验股权激励、研发投入和财务绩效的相关关系以及研发投入的中介影响作用,实证探究高管股权激励、核心技术人员股权激励和R&D投入对上市企业财务绩效的影响。实证分析结果表明高管股权激励和核心技术人员股权激励的实施均能显著改善企业财务绩效;研发投入对企业财务绩效有显著正向驱动影响高管和核心技术人员股权激励均显著正向驱动研发投入,高管股权激励和核心技术人员股权激励均通过加大研发投入中介传导作用显著正向影响企业财务绩效。Today’s rapid development of social science and technology,innovation has become the driving source of enterprise development in the new era,enterprises need to achieve continuous competitiveness,corporate governance affects enterprise innovation research and development investment to a certain extent.Therefore the article is based on the enterprise technology innovation and corporate governance two aspects to explore the financial performance improvement way.Select the financial data of China A-share listed enterprise in 2010-2020,use multiple regression analysis and intermediary effect model,use financial data to test the relationship between equity incentive,research and development investment and financial performance and the intermediary influence of research and development investment,empirically explore the impact of executive equity incentive,core technical personnel equity incentive and R&D investment on the financial performance of listed enterprises.The empirical analysis results show that:the implementation of executive equity incentive and core technician equity incentive can significantly improve corporate financial performance;R&D investment has a significant positive driving impact on corporate financial performance;executive and core technician equity incentives are significantly positive driving R&D investment,executive equity and core technician equity incentive through increasing the transfer effect of R&D investment intermediaries.

关 键 词：股权激励 研发投入 财务绩效 中介效应 公司治理 

分 类 号：F832.51[经济管理—金融学] F272.5