摘要: |
股权激励是否有利于提高企业创新水平是学术界广为关注的问题,然而目前所得结论并未统一。本文以委托代理理论及双元创新理论为基础,运用Python获取的2011—2016年中国A股上市高新技术企业的双元创新数据,从创新二元性的视角探讨股权激励对企业创新产出的影响。通过OLS回归并考虑内生性问题后得出如下结论:股权激励能够显著促进高新技术企业探索式创新,而与利用式创新存在倒U形关系。进一步区分产权性质后发现,所得结论在非国有高新技术企业中更为显著,而在国有高新技术企业中,股权激励主要对利用式创新产生促进作用,对探索式创新则未产生显著影响。 |
关键词: 股权激励 探索式创新 利用式创新 创新产出 |
DOI:10.13581/j.cnki.rdm.20190668 |
分类号:F270 |
基金项目:国家社会科学基金资助项目“大数据情境下国有企业高管层激励与监管动态耦合研究”(18BGL081)。 |
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Stock Incentives and Ambidextrous Innovation of High-Tech Enterprises |
SHAO Jian-bing, WU Shan
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Business School, Liaoning University, Shenyang 110036, China
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Abstract: |
Whether stock incentives are conducive to improving the level of innovation of enterprises is a topic of great concern in the academic community. However, the current conclusions are not consistent. Based on the principal-agent theory and the ambidextrous innovation theory, it explored the impact of stock incentives on enterprise innovation from the perspective of innovation duality using the innovation data of China’s A-share listed high-tech enterprises in 2011—2016 by Python software. After OLS regression and considering endogenous problems, the following conclusions are drawn: stock incentives significantly promote exploratory innovation in high-tech enterprises, and there is an inverted U-shaped correlation between stock incentives and exploitative innovation. After further distinguishing the nature of property rights, it finds that the conclusion is more significant in non-state-owned high-tech enterprises, while in state-owned high-tech enterprises, stock incentives mainly reflect the role of promoting exploitative innovation, but has no significant impact on exploratory innovation. |
Key words: stock incentive exploratory innovation exploitative innovation innovation output |