股票流动性对企业技术创新的“双刃剑”效应——基于高管薪酬激励的视角  

"Double-Edged Sword"Effect of Stock Liquidity on Enterprise Technological Innovation

作　　者：杨君笑 海本禄[2] 尹西明 Yang Junxiao;Hai Benlu;Yin Ximing

机构地区：[1]山西财经大学工商管理学院,山西太原030006 [2]河南师范大学商学院,河南新乡453007 [3]北京理工大学管理学院,北京100081

出　　处：《企业经济》2024年第6期150-160,共11页Enterprise Economy

基　　金：国家社会科学基金重点项目“基于伙伴竞合关系的标准联盟企业知识管理策略选择机制研究”(项目编号:18AGL005);河南省教育厅人文社会科学研究项目“创新联合体情境下竞合关系影响牵头企业创新资源整合机制的计算实验研究”(项目编号:2024-ZZJH-044)。

摘　　要：如何有效为创新融资以及如何激励企业高管是技术创新的重要课题。本文从薪酬激励视角,考察股票流动性对企业技术创新的作用机制和影响效果。研究发现,股票流动性带来的低交易成本既能促进大股东的形成,完善公司治理结构,又会使投资者趋于短线套利,增加企业被收购压力。进一步研究表明,高管薪酬激励能够缓解委托代理矛盾,驱使高管优化创新决策。因此,适中的流动性与高管薪酬激励能更有效地促进技术创新。本文从外部资本市场和内部高管激励的交叉视角丰富了企业技术创新的相关理论研究,并提出应多措并举健全资本市场高效制度、建立创新项目信息发布平台、完善资本市场防范机制、营造包容失败创新文化,以期为促进企业技术创新提供参考。How to effectively finance innovation and how to motivate corporate executives are important topics for technological innovation.From the perspective of salary incentive,this paper examines the effect mechanism and influence effect of stock liquidity on enterprise technology innovation.It is found that the low transaction cost brought by stock liquidity can not only promote the formation of major shareholders and improve the firm governance structure,but also make investors tend to short-term arbitrage and increase the pressure on enterprises to be acquired.Further research shows that executive salary incentives can alleviate principal-agent conflicts and drive executives to optimize innovation decisions.Therefore,moderate liquidity and executive salary incentives can promote technological innovation more effectively.This paper enriches the relevant theoretical research of enterprise technology innovation from the cross perspective of external capital market and internal executive incentive,and proposes that multiple measures should be taken to improve the efficient system of the capital market,establish the information release platform for scientific and technological innovation projects,improve the early warning and prevention mechanism of the capital market,and create an innovation culture inclusive of failure,in order to provide reference for promoting the technological innovation of enterprises.

关 键 词：股票流动性 企业技术创新 高管短视 薪酬激励 

分 类 号：F272[经济管理—企业管理]