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论文编号：	13250
作者编号：	2120202833
上传时间：	2022/6/9 11:39:15
中文题目：	医疗器械生产企业业绩型股权激励与企业创新能力研究
英文题目：	Research on performance-based equity incentives and corporate innovation capabilities of medical device manufacturers
指导老师：	程新生
中文关键字：	医疗器械行业；业绩型股权激励；股权激励机制；企业创新
英文关键字：	medical device industry；performance-based equity incentive；equity incentive mechanism；innovation ability
中文摘要：	在国家鼓励高科技行业发展的背景下，医疗器械行业作为关乎国民健康的产业，其发展得到国家政策的大力支持。医疗器械行业公司的发展离不开创新能力，特别是优秀的管理者和核心科研人员，而股权激励是留住核心人才有利工具，同时也有利于减少委托代理问题，激励管理层做出更多有利于股东和公司的决策，因此，研究医疗器械公司股权激励机制对于行业的长期发展有重大意义。目前我国规定上市公司使用业绩型股权激励模式。国内关于医疗器械行业股权激励机制的研究目前较为空缺。 本文通过分析中国医疗器械行业所有上市企业2010-2020年的数据，研究业绩型股权激励对上市企业的创新能力的影响作用以及更进一步研究股权激励的激励机制，主要研究股权行权有效期对创新能力的影响。此外，依据锦标赛理论、委托代理理论等，本文研究在不同调节变量影响下，股权激励和创新绩效的关系，包括管理层薪酬差距、股权激励范围、企业生命周期和股权集中度异质性。最终，本文得出结论，业绩型股权激励能够正向提高医疗器械行业企业的创新能力；并且在股权激励业绩目标一致的情况下，股权行权有效期越长，对企业创新能力的积极影响更大。不同调节变量对股权激励和企业创新能力影响作用不同，管理层薪酬差距越小，实施股权激励对创新能力的影响效果更好。股权激励范围越大，股权集中度越高，实施股权激励对创新能力的影响效果更好。处于成长期和成熟期的企业，应当使用股权激励，提高企业创新能力;而衰退期的企业，使用股权激励对企业创新能力有抑制作用。 总而言之，本文深入探讨了股权激励机制的影响要素，为医疗器械行业公司提高研发能力、创新能力的途径提供借鉴。在具体的股权激励机制方面，为公司指定股权激励措施提供参考和借鉴意义。
英文摘要：	At present, Chinese government are encouraging the development of high-tech industries, and the medical device industry, as an industry related to national health, has received strong support from national policies for its development. To encourage the development of companies in the medical device industry, companies need to focused on increasing innovation capabilities, especially excellent managers and core scientific researchers, and equity incentives are a useful tool to retain core talents. Therefore, it is of great significance to study the equity incentive mechanism of medical device companies for the long-term development of the industry. At present, my country stipulates that listed companies use the performance-based equity incentive model. Domestic research on the equity incentive mechanism of the medical device industry is currently relatively vacant. By analyzing the data of all listed companies in Chinese medical device industry from 2010 to 2020, this paper studies how the performance-based equity incentives influence the innovation capabilities of listed companies and further studies the incentive mechanism of equity incentives. In addition, based on championship theory, principal-agent theory, etc., this paper studies the relationship between equity incentives and innovation performance under the influence of different moderator variables, including management compensation gap, equity incentive scope, enterprise life cycle and equity concentration difference qualitative. Finally, this paper concludes that performance-based equity incentives can positively improve the innovation ability of enterprises in the medical device industry. And under the condition that the performance goals of equity incentives are consistent, the longer the validity period of equity exercise, the greater the positive impact on the innovation ability of enterprises. Different moderating variables have different effects on equity incentives and corporate innovation capabilities. The larger the management salary gap is, the better the effect of implementing equity incentives on innovation ability is. The greater the scope of equity incentives, the higher the equity concentration, and the better the impact of equity incentives on innovation capabilities. Enterprises in the growth and mature stages should use equity incentives to improve their innovation capabilities; while for enterprises in recession, the use of equity incentives has a restraining effect on the innovation capabilities of enterprises. Therefore, this paper deeply discusses the influencing factors of the equity incentive mechanism, and provides a reference for the ways for companies in the medical device industry to improve their research and development capabilities and innovation capabilities. In terms of specific equity incentive mechanism, it provides advice for the company to designate equity incentive measures.
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