【摘要】 利用倾向得分匹配(PSM)和固定效应模型(FE),以2008—2018年沪深上市公司数据为样本,研究了股权激励对企业创新产出的影响。结果显示:股权激励会促进上市公司的创新产出。进一步研究发现:股权激励效果会受企业性质、股权激励类型以及激励主体的影响;国有企业更倾向通过培养核心员工增加企业创新产出,民营企业则通过资金支持增强企业创新产出;相比于限制性股票,股票期权对于企业创新产出的影响更为显著,这种激励效果在国有企业中更加突出;相比于对高管实施股权激励,企业对核心员工的股权激励更能增加企业创新产出,这种结果在国企与非国企中是一致的。更多还原

【Abstract】 Based on the data from 2008 to 2018 of listed companies in Shanghai and Shenzhen, propensity score matching(PSM) and fixed effects model(FE) are adopted to investigate the impact of equity incentive on the innovative output of listed companies. The results indicate that equity incentive can promote the innovative output of listed companies. The further study suggests that the effect of equity incentive is affected by the type of enterprise, the type of equity incentive and the incentive subject. The state-owned enterprises are more inclined to promote innovative output by training core employees, while private enterprises increase innovative output via financial support. Compared to restricted stock, the impact of stock options on innovative output is greater, which is more prominent in state-owned enterprises. Compared to equity incentive of senior executives, equity incentive of core employees would lead to more innovative outputs, which is found in both state-owned and non-state-owned enterprises.更多还原