【作者】 张钰；

【导师】 翟喆；

【作者基本信息】 湖南大学 ， 应用经济学， 2022， 硕士

【副题名】来自中国上市公司的证据

【摘要】 创新是引领国家经济社会发展与进步的首要动力和必不可少的战略支撑,而在飞速发展的时代,我国的创新发展相对缓慢,解决创新动力不足的难题已成为刻不容缓的首要任务。对于股权激励计划的实际效果,学术界尚未有统一的答案,因此本文选取A股上市公司,从企业内部治理的角度,探究股权激励计划对企业创新的实际影响。首先,本文以专利数量(发明型专利、实用型专利、外观设计型专利以及技术型专利)作为创新产出的指标,并使用2006年及以后的研发投入数值作为衡量创新的另一指标,通过对2001-2017年的面板数据进行混合回归得到了股权激励计划与创新水平是显著正相关的结论。进一步地,为了解决内生性问题使用PSM-DID模型回归,仍旧能够得到一致的结论,同时两种方法均能够通过稳健性检验。其次,本文对不同类型的激励方式进行研究,发现股票期权激励、限制性股票激励以及混合激励均能够提高企业创新水平,但基于PSMDID研究发现当其他条件不变时,限制性股票的激励效果更好。更进一步地,本文根据企业的所有权性质进行实证研究,发现即使企业的所有权性质不同,在整体上股权激励计划也能够促进创新水平的提高,但在国有企业中激励的效果更好。本文也对行业进行分组回归,发现股权激励计划的效果在不同行业并不相同,这可能是由于行业本身的性质导致的。最后,本文考虑了高管持股比例高低与财务表现对股权激励计划效果可能产生的影响,得到了股权激励计划在高管激励力度较大的企业更能促进创新,其在财务表现较好的企业对创新的促进效果更好的结论。本文不仅丰富了有关股权激励计划研究的文献,并且通过对股权激励计划实际效果的研究为企业如何提高创新水平提出了建议。更多还原

【Abstract】 Innovation is the primary driving force and essential support of strategy to lead a country’s development and progress of the economy and society,while in an era of rapid development,the development of innovation of China is relatively slow,so solving the problem of insufficient innovation power has become the priority task without delay.There is not yet a unified answer in academia on the actual effect of the equity incentive plan,so this paper selects A-share listed companies and explores the actual effect of equity incentive plan on corporate innovation from the perspective of internal corporate governance.First,using the number of patents(invention patent,utility patent,design patent,and technology patent)as the indicator of innovation output and using the value of R&D investment from 2006 and onwards as the other indicator of innovation,this paper infers that equity incentive plan is significantly and positively related to the level of innovation through the research with mixed regression on panel data from 2001-2017.Then the regression using the PSMDID model in order to address the endogeneity issue still yields consistent conclusions,while both methods pass the robustness test.Secondly,it examines different types of incentives and finds that stock option incentive,restricted stock incentive and mixed incentive can all improve corporate innovation,but the study based on the PSM-DID finds that restricted stock is a better incentive when all else is equal.Furthermore,by regressing the nature of ownership of firms,the paper finds that while the equity incentive plan can promote higher levels of innovation in firms with different ownership characteristics overall,the incentive is more effective in state-owned firms.It also runs grouped regressions on industries and finds that the effectiveness of equity incentive plan is not the same across industries,which may be due to the nature of the industry itself.Finally,this paper considers the influence of executive ownership ratio and financial performance on the effect of equity incentive plan,and concludes that equity incentive plan can promote innovation more in enterprises with higher executive incentive,and has better effect on innovation in enterprises with better financial performance.This paper not only enriches the literature on the research of the equity incentive plan,but also put forward suggestions on how to improve the innovation level of enterprises through the research on the actual effect of equity incentive plan.更多还原