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论文编号：	14715
作者编号：	2120223655
上传时间：	2024/6/6 20:43:07
中文题目：	股权激励模式与企业创新：行业比较分析
英文题目：	Equity Incentive Model and Corporate Innovation: A Comparative Analysis of the Industry
指导老师：	程新生
中文关键字：	制造业；行业比较；股权激励模式；企业创新
英文关键字：	Manufacturing; Industry Comparisons; Equity Incentive Model; Corporate Innovation
中文摘要：	制造业作为经济发展的重要支柱，其转型升级得到国家政策的大力支持。制造业的转型升级离不开企业的研发过程。而企业的研发过程又高度依赖于企业高管和核心技术人员，而股权激励是留住人才的有力工具，同时也有利于减少委托代理问题，以此激励企业管理层做出更多有利于企业股东和公司的决策，并吸引核心技术人员继续为企业创新贡献力量。 本研究以2014年至2022年间的制造业公司为研究对象，深入探讨了股权激励与企业创新之间的关系，并进行实证分析。首先，本文研究了在制造业中股权激励与企业创新之间的关系，结果发现，制造业企业实施股权激励可以促进企业创新。其次，本文探索了在制造业中股权激励模式选择与企业创新的关系，结果发现，相较于限制性股票，股票期权对于制造业企业的企业创新具有更加显著的积极影响。紧接着，本文按照生产要素密集度的不同对制造业企业进行分类，将其分为技术密集型企业、资产密集型企业、劳动密集型企业，并分别对这三类企业研究其股权激励模式选择与企业创新之间的关系，结果发现，在其他条件不变的情况下，技术密集型企业选择股票期权模式时，对企业创新的促进程度更高，资产密集型企业和劳动密集型企业在选择限制性股票时，对企业创新的促进程度更高。此外，本文对股权激励方案设计进行了进一步研究，结果发现，股权激励行权有效期和激励范围是股权激励与企业创新之间的重要调节变量，适度延长股权激励行权有效期和适度扩大激励范围能够增强股权激励对企业创新的促进作用。最后，研究了股权性质以及企业规模对于股权激励模式选择的影响，结果发现，制造业国有企业选择限制性股票时对企业创新的促进程度更高，非国有企业选择股票期权时对企业创新的促进程度更高。制造业大规模企业选择限制性股票时对企业创新的促进程度更高，制造业中小规模企业选择股票期权时对企业创新的促进程度更高。 总而言之，本文深入探讨了制造业细分行业下股权激励模式与企业创新的关系，为制造业企业提高研发能力、创新能力的途径提供借鉴。在具体的股权激励机制方面，为公司制定股权激励措施提供参考和借鉴意义。
英文摘要：	As an important pillar of economic development, the transformation and upgrading of the manufacturing industry has been strongly supported by national policies. The transformation and upgrading of the manufacturing industry is inseparable from the research and development process of the enterprise. The R&D process of enterprises is highly dependent on corporate executives and core technical personnel, and equity incentives are a powerful tool to retain talents, and at the same time, it is also conducive to reducing the principal-agent problem, so as to motivate corporate management to make more decisions that are beneficial to corporate shareholders and the company, and attract core technical personnel to continue to contribute to corporate innovation. This study examines manufacturing companies from 2014 to 2022 and conducts an empirical analysis of the relationship between equity incentives and firm innovation. Firstly, this paper studies the relationship between equity incentives and corporate innovation in the manufacturing industry, and finds that the implementation of equity incentives in manufacturing enterprises can promote corporate innovation. Secondly, this paper explores the relationship between the choice of equity incentive model and corporate innovation in the manufacturing industry, and finds that stock options have a more significant positive impact on the corporate innovation of manufacturing firms than restricted stocks. Then, this paper classifies manufacturing enterprises according to the different intensity of production factors, divides them into technology-intensive enterprises, asset-intensive enterprises and labor-intensive enterprises, and studies the relationship between the choice of equity incentive model and enterprise innovation for these three types of enterprises. The degree of promotion of enterprise innovation is higher. In addition, this paper conducts further research on the design of equity incentive schemes, and finds that the validity period and scope of equity incentive exercise are important moderating variables between equity incentive and enterprise innovation, and the moderate extension of the validity period of equity incentive exercise and the moderate expansion of incentive scope can enhance the promotion effect of equity incentive on corporate innovation. Finally, the influence of equity nature and enterprise size on the choice of equity incentive model is studied, and it is found that the degree of promotion of corporate innovation is higher when manufacturing state-owned enterprises choose restricted stocks, and the degree of promotion of corporate innovation is higher when non-state-owned enterprises choose stock options. Large-scale manufacturing enterprises have a higher degree of promotion of corporate innovation when they choose restricted stocks, and small and medium-sized manufacturing enterprises have a higher degree of promotion of corporate innovation when they choose stock options. In conclusion, this paper deeply discusses the relationship between the equity incentive model and corporate innovation in the manufacturing industry segment, and provides a reference for manufacturing enterprises to improve their R&D and innovation capabilities. In terms of specific equity incentive mechanism, it provides reference and reference significance for the company to formulate equity incentive measures.
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