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拥有战略决策权的高管是推动高科技公司技术创新的主要力量,而设计合理的长期激励机制能够更好地引导高管将资源配置到创新过程中去。运用2007—2010年中国高科技上市公司的面板数据,针对高管股权激励对R&D投入的促进效应及两者的非线性关系进行实证检验,得出结论:采用股权激励的高科技公司与未采用股权激励的高科技公司相比,其R&D投入水平具有显著差异,前者明显高于后者,即股权激励对R&D投入具有促进效应;但高管股权激励力度与R&D投入之间存在倒U型关系,即股权激励力度增加到一定程度之后,R&D投入却呈现递减趋势。因此,采用适度的高管股权激励是促进高科技公司技术创新的有效手段。
Executives with strategic decision-making power are the main drivers of technological innovation in high-tech companies, and well-designed long-term incentives can better guide executives in allocating resources to innovation. Using the panel data of high-tech listed companies in China from 2007 to 2010, this study empirically tests the promotion effect of executive stock option incentive on R & D investment and the nonlinear relationship between the two and draws the conclusion that high-tech companies that use equity incentive and non- Compared with the equity incentive high-tech companies, their R & D investment levels are significantly different, the former is significantly higher than the latter, that equity incentive has a promoting effect on R & D investment; However, there is an inverted U-shaped relationship between executive incentive and R & D investment , That is, equity incentives to increase to a certain extent, R & D investment has shown a decreasing trend. Therefore, it is an effective way to promote the technological innovation of high-tech companies by adopting proper equity incentive.