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论文编号：	11675
作者编号：	2120182920
上传时间：	2020/6/19 17:01:44
中文题目：	核心技术员工股权激励对企业创新产出影响研究
英文题目：	Research on the influence of equity incentive of core technology employees on innovation output of enterprises
指导老师：	刘志远教授
中文关键字：	股权激励、核心技术员工、创新产出、股权激励方案设计
英文关键字：	equity incentive, core technical staff, innovation output, equity incentive
中文摘要：	我国经济发展步入新常态，由高速增长转变为高质量发展，发展的主要动力和战略支撑转变为技术创新。企业作为重要的创新主体，亟待提升创新水平，实现可持续发展。对于企业来说，核心人力资本创造了大部分的利润和价值，是企业核心竞争力的根本来源。如何吸引并留住高素质技术人才关乎企业生存发展。而通过采取积极的股权激励政策，分配企业剩余价值使核心技术人才在创新成果转化过程中得到合理回报成为有效途径。 本文选取我国A股上市公司2005-2017年的数据进行实证研究，为了克服选择性偏差，利用倾向得分匹配将授予核心技术员工股权激励的企业和未授予企业进行匹配，并基于匹配样本采用双重差分法(DID)检验发现授予核心技术员工股权激励能够明显提升企业的创新产出水平。通过OLS回归发现对核心技术员工的股权激励力度越大，企业的创新产出越多，而高管激励力度与创新产出水平负相关。基于股权激励方案设计，研究激励方式、激励有效期等契约变量对创新激励效应的影响。发现股票期权和限制性股票对创新产出的激励效应没有显著差异，较于有效期短的激励，有效期较长的激励对于企业的创新产出水平激励效果更好，但是不显著。考虑到不同行业性质中企业创新行为的差异，分组回归研究发现核心技术员工股权激励对企业创新产出的促进作用在高新技术企业中更加显著。在以上结论的支撑下，本文提出相关启示和建议：我国上市企业尤其是高新技术企业，要积极实行股权激励政策，注重核心技术人员对创新产出的重要作用，适当加大对其的激励力度，提升企业的核心竞争力。设计较长的激励有效期促使企业的研发人员进行长期人力资本投入。同时，政府应该不断完善相关法律法规，引导、支持更多的公司实施股权激励。在政策执行中，应将扶持对象从传统的制造行业向高新技术企业尤其是战略性新兴行业进行倾斜，支持高精尖企业的发展。
英文摘要：	The economic development of China has entered a new normal, from high-speed growth to high-quality development, and the main driving force and strategic support of development has been transformed into technological innovation. As an important innovation subject, enterprises urgently need to improve the level of innovation and achieve sustainable development. For an enterprise, core human capital creates most of its profits and value, and is the fundamental source of its core competitiveness. How to attract and retain high-quality technical talents is related to the survival and development of enterprises. By adopting a positive equity incentive policy and distributing the residual value of the enterprise, the core technical talents can obtain a reasonable return in the process of innovation achievements and become an effective way. This article selects the data of a-share listed companies from 2005 to 2017 for empirical research, in order to overcome the selection bias, by using the core technical employees tend to score matching will be given to equity incentive matching and not delegated to the enterprise, and based on the matching samples by double difference method (DID) inspection found to core technology employee equity incentive can significantly improve enterprise innovation output level. Through the OLS regression found the equity incentive of employees of the core technology, the more the innovation of the enterprise output, the more the executive incentive strength is negatively related to the innovation level of output. Based on the design of equity incentive scheme, the influence of incentive mode, incentive validity period and other contractual variables on the incentive effect of innovation is studied. It is found that the incentive effect of stock option and restricted stock on innovation output is not significantly different. Compared with the incentive with short validity period, the incentive with long validity period has better incentive effect on innovation output level of enterprises, but it is not significant. Considering the differences in innovation behaviors of enterprises in different industries, the group regression study found that the equity incentive of core technology employees promoted the innovation output of enterprises more significantly in high-tech enterprises. Supported by the above conclusions, this paper puts forward relevant enlightenment and Suggestions: China's listed enterprises, especially high-tech enterprises, should actively implement the equity incentive policy, pay attention to the important role of core technicians in innovation, appropriately increase the incentive to them, and enhance the core competitiveness of enterprises. Designing longer incentive validity periods encourages corporate R&D personnel to invest in long-term human capital. At the same time, the government should continuously improve relevant laws and regulations to guide and support more companies to implement equity incentives. In the policy implementation, we should support the target from the traditional manufacturing industry to high-tech enterprises, especially strategic emerging industries, to support the development of advanced enterprises.
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