股权激励、研发投入与经营绩效——基于科创板上市公司的实证研究  

Equity Incentives, Research and Development Investment,and Business Performance——Empirical Research on Listed Companies on the Science and Technology Innovation Board

作　　者：常筱瑶 朱京钊 CHANG Xiao-yao;ZHU Jing-zhao(Yuncheng University,Yuncheng 044000,China)

机构地区：[1]运城学院经济管理系,山西运城044000

出　　处：《哈尔滨学院学报》2023年第4期59-62,共4页Journal of Harbin University

基　　金：运城学院科研项目,项目编号:CY-2020004。

摘　　要：文章运用2019-2021年科创板上市公司相关数据构建多元线性回归模型,实证分析了科创板上市公司股权激励对经营绩效的影响及研发投入的中介效应作用机制。结果表明:与未实施股权激励的科创板上市公司相比,实施股权激励能提高经营绩效;在实施股权激励样本中,股权激励强度与当期经营绩效显著负相关,且股权激励强度通过刺激研发投入增加可导致当期经营绩效降低;股权激励强度对经营绩效的正向影响具有滞后性。This paper constructs a multiple linear regression model based on the relevant data of listed companies on the Science and Technology Innovation Board from 2019 to 2021,and empirically analyzes the impact of equity incentive on business performance of listed companies on the Science and Technology Innovation Board and the mesomeric effect mechanism of R&D investment.The results indicate that compared with companies listed on the Science and Technology Innovation Board that have not implemented equity incentives,implementing equity incentives can improve business performance;in the implementation of equity incentive samples,the intensity of equity incentive is significantly negatively correlated with current operating performance,and the intensity of equity incentive can lead to a decrease in current operating performance by stimulating an increase in research and development investment;the positive impact of equity incentive intensity on business performance has a lag effect.

关 键 词：科创板 股权激励 研发投入 经营绩效 

分 类 号：F275[经济管理—企业管理] F272.92[经济管理—国民经济]