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论文编号：	13162
作者编号：	2120202831
上传时间：	2022/6/7 1:44:24
中文题目：	业绩型股权激励、契约条款与企业创新研究 ——基于我国医药行业的经验证据
英文题目：	Research on Performance-based Equity Incentives, Contract Terms and Enterprise Innovation —— Based on the Empirical Evidence of China''s Pharmaceutical Industry
指导老师：	程新生
中文关键字：	业绩型股权激励；契约条款；创新；医药企业
英文关键字：	Performance-Based Equity Incentive; Contract Terms; Innovation; Pharmaceutical Enterprise
中文摘要：	现代化经济体系建设是我国实现高质量发展的迫切需要，需要坚持实施创新驱动战略，以创新推动经济发展。企业是创新驱动战略实施的主要载体，医药产业既是最直接的民生产业，更是创新性经济的集大成者，因而推动医药行业企业创新升级更是重中之重。由于医药行业的创新活动较为复杂，存在新药研发经费投入大、回报周期长、风险高等问题，管理层可能出于自利或风险规避等原因放弃对这类创新项目的投资，一线科研人员作为创新活动的直接参与者也有可能因激励不足，难以发挥其在创新活动中的主观能动性，从而对企业创新产生负面影响。因此，如何缓解委托代理问题，有效激励创新人才、调动其工作积极性，成为医药企业提高其创新水平尤为关键的问题。 业绩型股权激励作为企业重要激励与约束机制，实行的初衷主要是和员工建立利益共同体，约束管理者短视自利行为，激励员工提高工作积极性, 从而提升企业未来价值创造能力与长远竞争力。因此，研究业绩型股权激励的实施及其契约条款设定对企业创新的影响作用，在深化业绩型股权激励的认识、合理制定激励契约条款以提高企业创新水平方面具有重要意义。 本文从创新产出的视角，探究业绩型股权激励对创新的作用关系。本文选取2008-2019年医药上市企业作为研究对象，采用倾向得分匹配法和双重差分模型（PSM-DID），在缓解内生性的基础上，探究业绩型股权激励计划对创新的净效应。同时，本文还从激励契约条款的微观视角，实证检验行权有效期、行权业绩考核条件、业绩型股权激励差距等激励契约条款的设计差异对企业创新的影响。在进一步分析中，本文按照不同层级的激励对象，分解业绩型股权激励差距对创新影响的效应。实证结果表明，医药上市企业实施业绩型股权激励能显著提升企业创新水平；激励契约条款中行权有效期设置越长，更能在长期内对管理层和核心骨干员工形成持续性的激励与约束，从而促进企业创新水平提升；激励契约条款中行权业绩考核设置越严苛，管理层想要达成目标的盈余管理和规避风险的动机也越强，从而对企业创新产生负向影响；业绩型股权激励差距的扩大有助于企业员工积极参与到锦标赛的竞争排序中，对企业创新起到促进作用；进一步研究中探讨了业绩型股权激励差距的内在影响机制，发现管理层激励溢价是业绩型股权激励差距促进企业创新的主要驱动因素。 最后，本文为医药上市企业制定有效的业绩型股权激励契约设计提供了有益参考，也为政府与监管部门完善相关业绩型股权激励管理制度与加大资本市场有效监管力度方面提供了实践指导建议。
英文摘要：	The construction of modern economic system is an urgent need for China to achieve high-quality development, and it is necessary to adhere to the innovation-driven strategy to promote economic development through innovation. As the main body of innovation, it is very important to improve the innovation ability of enterprises. Pharmaceutical industry is not only the most direct livelihood industry, but also a collection of innovative economy, so promoting innovation of pharmaceutical industry is the most important thing. Due to the complexity of innovation activities in this industry, there are many problems such as large investment in new drug research, long payback period and high risk. Management may give up investing in innovation activities for reasons such as self-interest or risk avoidance. As direct participants in innovative activities, employees may also be unable to exert their subjective initiative due to lack of incentives. Therefore, how to alleviate the principal-agent problem, effectively motivate talents and arouse their work enthusiasm has become a particularly critical issue for pharmaceutical enterprises to improve their innovation level. Performance-based equity incentive, as an important incentive and constraint system for enterprises, is originally implemented to establish a community of interests with employees, restrain managers' short-sighted self-interest behavior and motivate employees to improve their work enthusiasm. Therefore, it is of great significance to study the implementation of performance-based equity incentive and the influence of contract terms on enterprise innovation. This is helpful to deepen the understanding of performance-based equity incentive, and formulate the incentive contract terms reasonably to improve the innovation level of enterprises. This article explores the relationship between performance-based equity incentive and innovation from the perspective of innovation output. In this article, the listed pharmaceutical enterprises in 2008-2019 are selected as the research objects, and the net effect of performance-based equity incentive policy on innovation is explored by using propensity score matching (PSM) and double difference (DID) model. At the same time, this article empirically tests the influence of incentive contract terms such as vesting validity period, vesting performance standard and equity incentive difference on enterprise innovation from the microscopic perspective. In the further analysis, this article discusses the impact of performance-based equity incentive difference on innovation according to different incentive objects. The results show that the implementation of performance-based equity incentive in listed pharmaceutical enterprises can significantly promote the innovation; The longer the vesting validity period is set the more long-term constraints and incentives can be formed for the management and employees, thus promoting enterprise innovation; If the vesting performance standard of the incentive contracts is very strict, the management will have stronger motivation to achieve the goal of earnings and avoid risks, thus inhibiting enterprise innovation; The widening of the performance-based equity incentive difference helps employees to actively participate in the competition ranking of the tournament and promote enterprise innovation, and the management incentive premium is the main driving factor for the equity incentive difference to stimulate the innovation. Finally, this article provides a useful reference for pharmaceutical listed enterprises to formulate effective performance-based equity incentive contracts, and also provides practical suggestions for the government and regulatory authorities to improve relevant equity incentive system and strengthen supervision of capital market.
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