股权激励、分析师关注与企业技术创新——来自医药企业的经验证据  

Equity Incentives,Analyst Attention,And Corporate Technological Innovatio:Empirical Evidence From Pharmaceutical Companies

作　　者：王松[1] 汪雯 Wang Song;Wang Wen(College of Economics and Management,Lanzhou University of Technology,Lanzhou 730050,China)

机构地区：[1]兰州理工大学经济与管理学院,甘肃兰州730050

出　　处：《科技创业月刊》2023年第11期127-133,共7页Journal of Entrepreneurship in Science & Technology

基　　金：兰州理工大学高等教育研究项目“高校教师教学考核评价体系与激励机制研究与实践”(GJ2022A-6);甘肃省就业创业研究课题阶段性研究成果“人工智能大背景下大学生就业能力提升策略探析——以理工科院校经管类专业为例”(2023013)。

摘　　要：股权激励作为一种长期激励机制,能够将企业、股东、员工联系起来,有助于企业进行技术创新。选取2011-2021年A股上市医药企业为研究样本,研究股权激励对医药企业技术创新的影响以及分析师关注的调节作用。结果表明:股权激励与医药企业技术创新显著正相关,且对非国有性质以及处于盈利状态下的医药企业更为显著;进一步研究发现,分析师关注能够正向调节股权激励对医药企业技术创新的促进作用,研究结论为推进医药企业实施股权激励、提升医药企业技术创新水平提供了依据。Equity incentives,as a long-term incentive mechanism,can connect enterprises,shareholders,and employees,and help enterprises carry out technological innovation.Therefore,we plan to select A-share listed pharmaceutical companies from 2011 to 2021 as research samples to study the impact of equity incentives on technological innovation in pharmaceutical companies and the moderating effect of analysts'attention.The results show that there is a significant positive correlation between equity incentives and technological innovation in pharmaceutical enterprises,and the above relationship is more significant in non-state-owned and profitable pharmaceutical enterprises;Further research has found that analysts'attention can positively regulate the promoting effect of equity incentives on technological innovation in pharmaceutical enterprises.The conclusions provide Empirical evidence for promoting the implementation of equity incentives and improving the level of technological innovation of pharmaceutical enterprises.

关 键 词：股权激励 分析师关注 技术创新 调节效应 

分 类 号：F273.1[经济管理—企业管理]