股权激励能促进企业创新吗——基于激励对象和激励模式异质性的视角  

Do Equity Incentives Promote Enterprise Innovation?——From the Perspective of the Heterogeneity of Incentive Objects and Incentive Models

作　　者：吴卫红[1] 刘颖 张爱美[1] Wu Weihong

机构地区：[1]北京化工大学经济管理学院,102202

出　　处：《会计研究》2024年第4期98-111,共14页Accounting Research

摘　　要：本文从激励对象和激励模式异质性双重视角,以2010—2020年上市高科技企业为样本,探究股权激励对企业创新的作用机制和激励效果。结果表明:高管股权激励会增大管理层权力,使其更有动力追求个人利益,对创新产出有不利影响,而核心员工股权激励能够促进企业创新产出;基于二者共同作用,股权激励与创新产出呈非线性关系,具体表现随着高管股权激励占比的增加,企业创新产出水平呈现先升后降的趋势;相比于股票期权,限制性股票模式有更好的创新激励效应,二者组合模式的创新激励效应存在拐点,当限制性股票激励数量占比大于0.59时,组合模式才发挥正向激励效应。机制分析表明高管股权激励通过研发投入对创新产出有影响,核心员工股权激励通过研发投入转化影响创新产出;管理层风险偏好这一情境因素对股权激励促进创新产出的效应有正向调节作用。From the perspective of heterogeneity of incentive object and incentive model,this paper takes listed high-tech enterprises from 2010 to 2020 as samples to explore the action mechanism and incentive effect of equity incentive on enterprise innovation.The results show that executive equity incentive can increase the power of management and make them more motivated to pursue personal interests,which has a negative impact on innovation output,while core employee equity incentive can promote enterprise innovation output.Based on the joint action of the two,the relationship between equity incentive and innovation output is non-linear,which shows that with the increase of the proportion of executive equity incentive,the level of enterprise innovation output shows a trend of first rising and then decreasing.Compared with stock options,restricted stock model has a better innovation incentive effect,and the innovation incentive effect of the combination model has an inflection point.When the number of restricted stock incentives is greater than 0.59,the combination model exerts a positive incentive effect.The mechanism analysis shows that executive equity incentive affects innovation output through R&D input,while core employee equity incentive affects innovation output through R&D input transformation.The situational factor of management risk preference positively moderates the effect of equity incentive on promoting innovation output.

关 键 词：企业创新 股权激励对象 股权激励模式 管理层风险偏好 

分 类 号：F273.1[经济管理—企业管理] F272.92[经济管理—国民经济] F832.51