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论文编号：	13942
作者编号：	2120213295
上传时间：	2023/6/6 18:50:30
中文题目：	核心员工股权激励、薪酬参照点效应与企业创新绩效
英文题目：	Core employee equity incentive, reference point effect of compensation and corporate innovation performance
指导老师：	程新生
中文关键字：	核心员工股权激励；薪酬参照点效应；创新绩效
英文关键字：	Core employees; Equity incentive; Reference point effect of compensation; Innovation performance
中文摘要：	创新是引领发展的第一动力，企业是推动创新的重要主体，而人才是企业创 新的第一资源，如何管理和使用好企业的人才资源是企业创新的关键问题。自从 《上市公司股权激励管理办法(试行)》颁布以来，股权激励作为一项制度不断发 展逐步规范，成为公司治理的重要手段。作为企业创新的两类关键人才，高管和 核心员工一直是企业股权激励的重点对象，但两者在创新活动中承担着不同的 职责。一般而言，高管负责公司的战略部署，对创新活动有着决策权，主导着企 业资源的分配，直接影响创新投入环节；而核心员工负责具体创新活动的执行， 是创新资源更直接的使用者，直接影响企业的创新产出。 目前有很多学者对股权激励的激励效果展开了大量的研究，股权激励可以 促进企业创新得到很多研究的支持，但是大部分研究从高管的角度展开，从核心 员工角度进行的研究还较少，因此，本文想要在现有研究基础上研究核心员工股 权激励对企业的创新绩效的影响，考虑到薪酬激励是企业更为基础的激励手段， 又进一步地探讨薪酬参照点效应对股权激励效果的影响。通过对 2011-2021 年 A 股上市公司数据进行实证分析，本文主要得出以下结论：核心员工股权激励对企 业的创新绩效具有明显的提升作用，且激励强度越大，创新绩效越好；激励对象 薪酬相对地区和行业参照点的差距会强化两者之间的正向关系，也就是说，相对 参照点的薪酬越高，核心员工股权激励越能促进企业创新。在样本选择偏差、工 具变量和替换变量等一系列稳健性检验后上述结论依然成立。进一步分析表明， 与核心员工是创新“执行者”的观点相符，核心员工股权激励可以促进创新投入 向产出的转化，显著提高企业的创新效率，同时也可以提高企业的创新人才占比， 通过吸引更多的创新人才来促进创新。除此之外，当企业选择限制性股票和产权 性质为非国有时，核心员工股权激励对企业创新绩效的促进作用更加明显。上述 研究结论对企业股权激励方案设计具有一定的启示意义，企业在设计方案时不 仅要考虑股权激励要素对员工产生的作用，还要考虑员工所处的薪酬环境和企 业所处的外部环境，与其他激励制度相结合，只有股权激励真正落实到员工需求 上时，才能发挥其应有的作用。
英文摘要：	As the first driving force of enconomic development, the importance of innovation is self-evident. Enterprises are an important subject to promote innovation. Talent is the first resource for enterprise innovation. How to manage and use the talent resources of enterprises is the key issue for enterprise innovation. Since the promulgation of the "Management Measures for Equity Incentive in Listed Companies (for Trial Implementation)" in 2006, the equity incentive system has been continuously developed and gradually standardized, becoming an important means of corporate governance. As two types of key talents for enterprise innovation, senior executives and core employees have always been the key targets of enterprise equity incentives, but they bear different responsibilities in innovation activities. Generally speaking, senior executives are responsible for the strategic deployment of the company, have decision-making power over innovation activities, dominate the allocation of enterprise resources, and directly affect the innovation investment process; The core employees are responsible for the implementation of specific innovation activities and are more direct users of innovation resources, directly affecting the innovation output of the enterprise. Currently, many scholars have conducted a large amount of research on the incentive effect of equity incentives, and equity incentives can promote enterprise innovation, which is supported by many studies. However, most studies have been conducted from the perspective of executives, while few studies have been conducted from the perspective of core employees. Therefore, this dissertation wants to study the impact of core employee equity incentives on enterprise innovation performance based on existing research, Considering that salary incentive is a more fundamental incentive method for enterprises, the impact of salary reference point effects on equity incentive effects is further explored. Through the empirical analysis of A-share listed company data from 2011-2021, the main conclusions of this dissertation are as follows: First, the implementation of equity incentive for core employees can significantly improve the innovation performance of enterprises, and the more share of equity incentive granted to core employees, the better innovation performance; The second is that the gap between the remuneration of incentive targets and the reference points of regions and industries will strengthen the positive relationship between the intensity of core employee equity incentives and enterprise innovation performance. That is, the higher the remuneration of the reference points, the more core employee equity incentives can promote enterprise innovation. The above conclusions are still valid after a series of robustness tests such as sample selection bias, instrumental variables, and replacement variables. Further analysis shows that, consistent with the view that core employees are the "executors" of innovation, core employee equity incentives can promote the transformation of innovation input into output, significantly improve innovation efficiency, and also increase the proportion of innovative talents in enterprises, promoting innovation by attracting more innovative talents. In addition, when enterprises choose restricted stocks and property rights that are non national in nature, the promotion effect of core employee equity incentives on enterprise innovation performance is more obvious. The above research conclusions have certain implications for the design of enterprise equity incentive schemes. When designing schemes, enterprises should not only consider the impact of equity incentive factors on employees, but also consider the salary environment in which employees are located and the external environment in which the enterprise is located. In combination with other incentive systems, equity incentive can only play an incentive role when it is truly implemented to meet the needs of employees.
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