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论文编号：	14703
作者编号：	2120223654
上传时间：	2024/6/6 11:46:29
中文题目：	股权激励连续性对企业创新的影响
英文题目：	Equity Incentive Continuity and Firm Innovation
指导老师：	程新生
中文关键字：	股权激励；激励连续性；企业创新
英文关键字：	Equity Incentives; Continuity; Corporate Innovation
中文摘要：	企业创新水平影响企业能否开发出新产品，在高度激烈的市场竞争中赢得一席之地，提升企业的核心竞争力。创新的核心在于人才，在当今竞争激烈的商业环境中，如何吸引、激励和留住优秀的人才对企业的发展和创新至关重要。股权激励作为一种对员工的长期薪酬激励制度，被广泛应用于上市公司的实践中，并且进行连续多期的股权激励计划已经逐渐成为企业常态。 本文回顾和总结了国内外股权激励、企业创新以及二者关系的相关文献，基于委托代理理论、人力资本理论和激励理论，对我国2006-2021年A股上市公司股权激励在五年时间框架下对企业创新的影响以及股权激励连续性对企业创新的影响进行研究。通过逐年PSM对实施股权激励计划的处理组和未实施股权激励计划的对照组数据进行匹配，使用双重差分法对模型进行检验，并探究机构投资者的调节效应，产权性质、股票流动性、行业竞争度异质性对股权激励连续性对企业创新的影响。稳健性检验中使用创新投入和创新效率指标替换了企业创新变量，并使用管理层持股比例的省份行业均值作为工具变量进行检验，进行平行趋势检验。最后，给上市企业实施连续性股权激励计划提出若干建议，并总结了全文的不足之处。 通过实证分析研究发现：股权激励计划能够显著促进企业创新，使用五年时间窗口对股权激励的动态效应进行评估，发现股权激励的实施效果在三年内仍然具有持续性。股权激励连续性会显著促进企业创新，相比于仅实施一期股权激励计划，实施多期连续股权激励对上市公司企业创新产生的正向影响更强。机构投资者持股比例对股权激励计划对企业创新的影响起到正向的调节作用。股权激励连续性对企业创新的激励效果在民营企业、高股票流动性和高行业竞争度的企业组中更为明显。基于双元创新理论对企业创新进行分类后，实证分析发现实施多期连续性股权激励计划能够显著促进企业的开发性创新，但对企业的探索性创新没有显著影响。
英文摘要：	Enterprise innovation influences whether companies can take the initiative in highly competitive market competition and produce products with high economic value-added and technological content. The core of innovation lies in talent. In today's fiercely competitive business environment, how to attract, motivate, and retain outstanding talent is crucial for the development and innovation of enterprises. Equity incentives, as a long-term compensation incentive system for employees, are widely used in corporate governance and talent management of listed companies, and an increasing number of companies have implemented consecutive periods of equity incentive plans. This paper reviews and summarizes relevant literature on equity incentives, corporate innovation, and the relationship between the two, both domestically and internationally. Based on principal-agent theory, human capital theory, and incentive theory, this paper studies the impact of equity incentives on corporate innovation of A-share listed companies in China from 2006 to 2021 within a five-year time frame and the impact of the continuity of equity incentives on corporate innovation. Matching the treatment group implementing equity incentive plans and the control group not implementing equity incentive plans using annual propensity score matching (PSM), employing the Difference-in-Differences (DID) test model, and exploring the moderating effect of institutional investors on the impact of the continuity of equity incentives on corporate innovation. Heterogeneity analysis examines the influence of property rights nature, stock liquidity, and industry competitiveness on the impact of the continuity of equity incentives on corporate innovation. Robustness tests replace the corporate innovation variables with innovation input and innovation efficiency indicators, and use the provincial industry average of management shareholding as an instrumental variable for testing, conducting parallel trend tests. Finally, several suggestions are proposed for listed companies implementing continuous equity incentive plans, and the shortcomings of the entire paper are summarized. Empirical analysis findings reveal that equity incentive plans can significantly promote corporate innovation. Assessing the dynamic effects of equity incentives using a five-year time window, it is found that the implementation effect of equity incentives remains continuous within three years. Equity incentive continuity significantly promotes corporate innovation, with multiple consecutive equity incentives having a stronger impact on the innovation generated by listed companies compared to the implementation of a single period of equity incentive plans. The proportion of institutional investors' shareholding has a positive moderating effect on the positive impact of equity incentive plans on corporate innovation. The incentive effect of equity incentive continuity on corporate innovation is more pronounced in private enterprises, high stock liquidity industries, and industries with high competitiveness. Based on the dual innovation theory, after classifying corporate innovation, empirical analysis finds that the implementation of multi-period continuous equity incentive plans can significantly promote enterprises' developmental innovation, but has no significant impact on exploratory innovation.
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