科技型员工期权与企业创新绩效:基于利益趋同和信息相容效应视角  

Technological Employee Stock Option and Corporate Innovation:Based on the Perspective of Interest Convergence and Information Compatibility

作　　者：李摇琴 LI YaoQin(Sichuan University,Chengdu 610065)

机构地区：[1]四川大学商学院,四川成都610065

出　　处：《财贸研究》2022年第11期82-96,共15页Finance and Trade Research

基　　金：教育部人文社会科学研究项目“乡村振兴背景下中国企业持续扶贫的社会信任驱动机制及其实现路径研究”(21YJC790069);中国博士后科学基金面上项目“科技型员工期权对企业创新绩效的影响机制及经济后果研究”(2020M683341);成都市科技局软科学项目“‘产创融合’模式下促进成都市科技创新成果就地转化研究”(2021-RK00-00182-ZF)。

摘　　要：从员工激励视角,采用中国民营上市公司配对样本,基于利益趋同和信息相容效应,考察科技型员工期权对企业创新绩效的影响及作用机理。实证结果表明:科技型员工期权显著增加了企业专利数量,提升了企业创新绩效,且这一创新激励效应在财务约束较大的企业中更加凸显。机制检验结果表明,科技型员工期权通过团队协作渠道而非风险承担渠道提升企业创新绩效。From the perspective of employee incentive,using paired samples of private listed companies in China,based on the effect of interest convergence and information compatibility,this paper studies impacts and mechanism of technological employee stock option on corporate innovation performance.Empirical test shows that the technological employee stock option significantly increases the number of patents,improving corporate innovation performance.And the positive effect of the technological employee stock option is more prominent in firms with larger financial constraints.Mechanism tests show that the technological employee stock option improves corporate innovation through the team cooperation channel rather than the risk-taking channel.

关 键 词：科技型员工期权 企业创新 财务约束 利益趋同 信息相容 

分 类 号：F276.6[经济管理—企业管理] F275.5[经济管理—国民经济]