高管激励、研发资本化政策选择与股票价格  

Executive Incentives,R&D Capitalization Policy Decision and Stock Prices

作　　者：王燕妮[1] 诸葛筱诗 李健[2] WANG YANNI;ZHUGE XIAOSHI(School of Economics and Management Xidian University,Xi’an Shaanxi 710126,China)

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710071 [2]西安电子科技大学杭州研究院,浙江杭州311231

出　　处：《西安电子科技大学学报(社会科学版)》2025年第1期1-12,共12页Journal of Xidian University:Social Science Edition

基　　金：陕西省自然科学基金“企业研发操纵行为的政策动机与经济后果研究”(2023-JC-YB-821);西安市软科学重点项目“西安市推进科技服务业高质量发展的政策研究”(24RKYJ0005);中国总会计师协会2024年度立项课题“管理会计在ESG绩效评估中的应用研究”。

摘　　要：以2017-2022年沪深A股披露研发数据的上市公司为样本,检验企业高管激励、研发资本化政策选择与股票价格三者之间的关系。研究结果表明:(1)高管长期股权激励与股票价格呈倒“U”型关系,随着高管持股比例的增加,股票价格呈现先增后减的趋势;高管短期薪酬激励与股票价格正相关,高管薪酬水平的提高有利于股票价格的增长。(2)高管长期股权激励与研发资本化政策选择也呈倒“U”型关系,在一定范围内,高管持股有利于企业将研发支出进行资本化处理,但超过这个范围,企业就会选择将其费用化处理;高管短期薪酬激励同样与研发资本化政策选择正相关。(3)研发资本化政策选择对股票价格的增长具有积极影响;(4)研发资本化政策选择在高管激励与股票价格关系中发挥部分中介作用。This study examines the relationship among executive incentives,R&D capitalization policy decision,and stock prices,taking R&D data from Shanghai and Shenzhen A-share listed companies from 2017 to 2022 as a sample.The results of the study show that:(1)executive long-term equity incentives and stock prices show an inverted"U"type relationship,and with the increase in the proportion of executive shareholding,the stock prices show a trend of increasing and then decreasing;executive short-term compensation incentives are positively correlated with stock prices,and the increase in executive compensation is conducive to the growth of stock prices.(2)Executive long-term equity incentives and R&D capitalization policy decision also show an inverted U-shaped relationship,and within a certain range,executive shareholding is conducive to the capitalization of R&D expenditures,while beyond this range,companies will choose to take them as expense;executive short-term compensation incentives are also positively correlated with the decision of R&D capitalization policy.(3)R&D capitalization policy choice has a positive impact on stock price growth;(4)R&D capitalization policy decision partially plays a mediating role in the relationship between executive incentives and stock prices.

关 键 词：长期股权激励 短期薪酬激励 研发资本化政策选择 股票价格 

分 类 号：F932.5[经济管理]