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论文编号：	11742
作者编号：	2120182924
上传时间：	2020/6/20 11:29:43
中文题目：	股权激励、董事会治理与企业创新
英文题目：	Equity Incentive, Board Governance And Enterprise Innovation
指导老师：	程新生
中文关键字：	股权激励；董事会治理；企业创新
英文关键字：	equity incentive; board governance; enterprise innovation
中文摘要：	在当前的知识经济时代，企业若想实现长远发展，创新对其来说是必不可少的。任何企业若想提升自己的核心竞争力，最有效的方法就是提高企业的创新能力和水平。大多数上市公司会倾向于在企业内部建立一套完整的并且适合于企业自身的创新机制，来保证创新决策可以准确及时的制定和创新投入可以有着高产出，但是建立和运行创新机制都需要激励制度作为保障。由于委托代理关系，对高管实施股权激励可以降低代理成本，减少短视行为，让决策更符合公司的成长和长期的发展，是企业提升其创新水平的重要手段。在企业进行创新时，董事会也同样发挥着重要的作用，其可以通过下达战略决策和监督管理层来影响企业创新决策的形成和制定，特别是需要大力推进创新的公司，对公司的资本和技术都有着很高的要求，这就需要企业本身拥有一个合理的董事会治理结构。因此，良好的董事会治理可以促进股权激励的效果，从而可以提高企业的创新绩效。 本文首先介绍了研究背景和意义，总结了股权激励、董事会治理和企业创新的相关概念，并对国内外学者的有关研究做了归纳和梳理，提出了研究假设。本文选取了2011-2018年上市A股公司作为研究样本，企业创新的衡量采用企业发明专利申请数，在稳健性检验部分也采用了创新投入指标，研发支出与营业收入的比值来进行衡量；股权激励主要考虑对高管的激励情况，以激励的方式不同分为限制性股票激励和股票期权激励；将熵权法得出的董事会治理指数作为调节变量，对提出的假设和模型进行实证检验。 实证结果表明，对高管实施股权激励有利于企业创新的提高；实施股票期权激励比限制性股票激励更能促进企业创新的提高；董事会治理可以正向调节股权激励与企业创新的关系。最后，根据本文的研究结果，对高管股权激励、董事会治理结构的安排和提高企业创新水平提出了有关的对策和建议。
英文摘要：	In the current era of knowledge economy, innovation is very important for the long-term development of enterprises. The establishment and operation of innovation mechanism need incentive system as a guarantee. The implementation of equity incentive can reduce the agency cost and make the decision more in line with the growth of the company. In the process of enterprise innovation, board governance also plays an important role, especially for companies that need to promote innovation, which has high requirements for the capital and technology, requiring enterprise itself to have a reasonable board governance structure. First, this dissertation gives background, summarizes relevant concepts and s relevant research of domestic and foreign scholars. In this dissertation, A-share listed companies from 2011 to 2018 are selected as the research sample. The measurement of enterprise innovation is based on the number of invention patent applications. The ratio of R&D expenditure to operating income is used to measure. Equity incentive mainly considers the incentive situation of senior executives, divided into restricted stock incentive and stock option incentive; board governance is measured by the proportion of independent directors and the number of directors with technical background. The empirical results show that the implementation of equity incentive is conducive to improvement of corporate innovation performance; the implementation of stock option incentive can promote enterprise innovation better than restricted stock incentive；board governance can positively regulate the relationship between equity incentive and corporate innovation. Finally, according to the research results of this paper, the paper puts forward the relevant suggestions on the executive equity incentive, the arrangement of the board of directors' governance structure and the improvement of the level of enterprise innovation.
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