摘要: |
在考察股权激励对企业研发投资影响的基础上,从微观层面检验了关键契约条款的作用效果和影响机制.研究发现:股权激励整体上提高了企业的研发投资水平;激励模式存在异质性影响,相较于限制性股票,股票期权对企业研发投资的促进作用更强;激励力度与研发投资之间存在倒U形关系,只有适度的激励水平才有利于驱动企业的研发投资;长期的激励契约能对研发投资产生促进作用,而短期契约对企业研发投资具有明显的抑制作用.进一步的研究发现,股权激励是通过利益协同效应和风险承担效应两个可能的渠道驱动企业研发投资的,但两类中介传导机制因激励模式、激励力度和激励期限的不同而存在明显差异. |
关键词: 股权激励 研发投资 契约条款设置 激励模式 激励力度 激励期限 |
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基金项目:教育部人文社科一般项目“管理层股权激励的动机识别及实施效果的差异化研究”(16YJC630009). |
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Equity Incentive, Contract Heterogeneity and Corporate R&D Investment |
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Abstract: |
It investigated the effect of equity incentive on corporate R&D investment and examined how this relationship would be influenced by the key contract terms of equity incentive. The results show that: equity incentive increases the level of corporate R&D investment; compared to the restricted stock, stock option shows more significant effect on R&D investment; positive effect of equity incentive on corporate R&D is significant only when the incentive strength is moderate; equity contracts with long expiration has R&D improving effect, while contracts with short expiration appear negative effects on corporate R&D investment. Further research finds that interest alignment effect and risk taking effect are two important channels for equity incentive in improving corporate R&D investment. However, the two mediating mechanisms are different in contracts with heterogeneous terms design. |
Key words: equity incentive R&D investment contract terms design incentive mode incentive strength incentive length |