高管激励对研发投入影响研究——终极控制权的调节作用

本文以医药制造类上市公司 2013 ～2015 年数据为样本， 实证研究了高管激励与研发投入之间关系以及不同终极控制权性质下高管激励对研发投入的影响。 结果表明： 高管持股、 高管薪酬与研发投入之间均呈现 “倒U 形” 非线性关系， 即随着高管持股比例与高管薪酬水平的增大， 研发投入先增加后减少， 高管激励只在一定合理范围内对企业研发投入产生较强的促进作用， 过高或过低的激励力度均不能有效提升企业的研发投入； 与非国有控制企业相比， 国有控制企业的高管持股对研发投入的影响更大、而高管薪酬对研发投入的影响不明显。     

R&D投入、技术背景高管对企业经营绩效的影响——以能源上市公司为例

为研究RD投入、技术背景高管对企业经营绩效的影响、技术背景高管的调节作用,收集能源上市公司2015—2018年的相关数据,运用Stata15.0软件进行实证分析。研究结果表明:技术背景高管对RD投入不存在显著影响;RD投入与企业经营绩效之间存在显著正相关关系;技术背景高管对RD投入与企业经营绩效之间的关系具有正向调节作用。因此,能源上市公司应提高技术背景高管比例,加大RD投入,充分发挥技术背景高管的调节作用,从而提高企业经营绩效。     

高管薪酬激励、创业战略导向与创业型企业成长性关系研究

本文基于2012～2014年创业板上市公司的非平衡面板数据，研究了高管薪酬激励与创业型企业成长性之间的关系，探讨了创业战略导向作为企业内部的增长战略倾向对上述关系的调节作用。研究结果表明：高管货币薪酬、权益薪酬、薪酬差距与创业型企业成长显著正相关；创业战略导向会负向调节高管货币薪酬与创业型企业成长性之间的关系、正向调节权益薪酬与创业型企业成长性之间的关系，而对薪酬差距与创业型企业成长之间关系的调节作用未得到验证。     

高管薪酬激励、产权性质与企业绩效——基于股权集中度的调节效应

本文以高管薪酬激励为视角，将高管薪酬激励、股权集中度与企业绩效放在一个统一的分析框架下，以产权性质为依据，收集了 2007~2015 年国有企业与民营企业的面板数据，分别实证检验了高管薪酬激励与企业绩效的关系，以及股权集中度是否在其中发挥调节作用。研究发现：高管薪酬激励对企业绩效有显著的促进作用，并且国有企业中的促进作用要强于民营企业；股权集中度在国有企业中对于高管薪酬激励与企业绩效之间的关系有显著的负向调节作用，而在民营企业中不存在显著调节作用。     

高管团队异质性对资本结构与研发投入关系的影响研究

本文采用OLS 回归分析方法， 利用2017 年信息技术产业上市公司截面数据， 研究了资本结构与研发投入的关系以及高管团队异质性对二者关系的调节作用。 实证研究结果发现， 企业资本结构对研发投入具有显著抑制作用； 高管团队的性别结构会加重上述抑制作用； 高管团队的年龄结构、 任期差异将会显著缓解这种抑制作用； 而高管团队受教育程度对两者关系无影响。 基于上述研究结论， 本文提出了若干优化高管团队结构的建议。     

煤炭企业研发投入对企业效益的影响研究

选取2012—2019年我国A股煤炭行业上市公司的数据为作为研究样本,就企业研发投入对企业效益的影响以及企业成长性对研发投入产生企业效益的调节作用进行实证研究。结果表明,研发投入对企业短期效益有显著的正向促进作用,且这种显著促进作用仅存在于当期;研发投入滞后期对企业长期效益有显著的负向作用,这种负向抑制作用在当期和滞后初期不显著,随着滞后期延长显著表现为先增加后减少,呈现倒"U"型;企业成长性对研发投入产生短期效益具有显著正向调节作用,对研发投入产生长期效益没有调节作用。     

基于Heckman选择模型的高管激励与技术创新关系研究——以医药行业上市公司为例

本文以我国医药行业上市公司为研究对象，采用Heckman选择模型避免样本选择偏差，同时将线性关系与非线性关系相结合，考察“十二五”期间我国医药上市公司高管激励对技术创新的影响。实证研究结果表明：短期薪酬激励与技术创新之间并非简单的线性相关关系，两者之间呈明显的倒U型关系；长期股权激励对技术创新具有显著的正向影响。从而找到薪酬激励的极大值，提出避免过度薪酬激励、适当提高股权激励水平、建立合理的高管激励体系等对策建议。     

高管过度自信、 内部控制与投资效率— —基于中国A 股上市公司数据的经验证据

本文结合行为公司金融理论和传统的财务学理论， 选取 2012～2016 年中国A 股上市公司为样本数据， 研究高管过度自信、 内部控制与投资效率之间的关系。 研究结果表明： （1） 高管过度自信对投资效率有显著的负向影响， 对过度投资有显著的正向影响， 对投资不足无明显影响； （2） 内部控制对投资效率有显著的正向影响； （3） 内部控制对高管过度自信和过度投资的正相关关系有负向调节作用，对高管过度自信和投资不足的关系并无显著调节作用。 上述结论从实证检验的角度为我国政府、 相关监管部门及上市公司制定相关政策或经营策略提供了经验参考。     

研发投资、企业风险与高管薪酬——业绩敏感性

企业研发投资会影响高管薪酬与业绩的敏感性。本文以2010～2014年沪深A股上市公司数据为样本,实证检验了研发投资、企业风险与高管薪酬--业绩敏感性之间的关系。研究结论表明,研发投资与企业风险呈正相关关系;增加研发投资导致企业风险加大,高管薪酬与业绩的敏感性会有所降低;进一步地,企业风险在研发投资与高管薪酬--业绩敏感性的负向关系中起中介作用。本文不仅丰富了高管薪酬--业绩敏感性影响因素的研究,也为企业针对研发活动设计合理薪酬契约提供了决策支持。     

经营绩效反馈、环境不确定性与企业广告投入

基于2012～2015年深沪两市A股上市公司样本数据，对经营绩效反馈和企业广告投入之间的关系进行了理论分析和实证检验，并进一步考察了环境不确定性的调节作用。研究结果表明：（1）当企业未实现资本市场经营预期时，随着实际绩效低于经营预期程度的增大，企业广告投入将减少；（2）当企业实现资本市场经营预期时，随着实际绩效高于经营预期程度的增大，企业广告投入将增加；（3）当企业未实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企业经营绩效负反馈对广告投入的负向影响将增强；（4）当企业实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企经营绩效正反馈对企业广告投入的正向影响将增强。     

Corporate Social Responsibility and Governance: The Role of Executive Compensation

This article examines the relationship between corporate governance and corporate sustainability by focusing on an essential component of companies' governance structure: executive compensation programs. We propose an original empirical strategy based on a large set of the biggest capitalizations in Organization for Economic Cooperation and Development (OECD) countries over the period 2004–2018, with explicit measures of how companies integrate into executive managers' remuneration precise criteria of corporate social responsibility, an incentive scheme called corporate social responsibility (CSR) contracting. Our results show that proposing executive compensation programs including CSR criteria has a negative impact on financial performance, and a large positive impact on extra-financial performance based on the following dimensions: relationship with customers and suppliers, and community involvement. Second, we explore the moderating role of the corporate governance model by distinguishing the impact between firms with a shareholder or stakeholder corporate governance model and reveal significant differences in the impact of CSR contracting. For firms with a stakeholder corporate governance model, CSR contracting is no longer associated with a fall of financial performance and has a large positive impact on human resources, environmental, and human rights performance. On the other hand, CSR contracting has a negative impact on financial performance but no impact on extra-financial performance for firms with a shareholder corporate governance model.     

Social influence effects and managerial compensation evidence from Germany

I extend existing theories of social influence effects on executive compensation while at the same time showing the context dependence of these effects. Using original data on German firms and a longitudinal design, results of this study suggest that the operating of social influence mechanisms depends on demographic and social similarity between CEOs and board chairs. The findings reconcile previous mixed findings on the role of CEO human capital factors such as education and tenure and furthermore show that board vigilance is conditional on board compensation and the presence of major shareholders with an incentive to monitor board behavior. Finally, the study contributes to compensation and corporate governance research by providing evidence on how social influence effects operate outside the United States. Copyright © 2006 John Wiley & Sons, Ltd.     

Does board social capital influence chief executive officers' investment decisions in research and development?

The findings of the chief executive officer (CEO) characteristics–research and development (R&D) investment relationship remain incomplete if previous unexamined contingencies are not considered. Very few studies in this area have invariably focused on the constraints from the external environment and overlooked the important influence of board social capital on such relationship. This study uses insights from resource dependence theory to examine how the effects of CEO characteristics on R&D investment are contingent on board social capital. The results show that board social capital mitigates/enhances the negative/positive effect of CEO tenure/CEO educational level on R&D investment, supporting the view that board social capital, as an important conduit to link firms to critical information and essential resources in the environment, may offer better counsel to CEOs and enhance their decision‐making capabilities in moving toward R&D. One important implication is that firms wishing to encourage innovation through R&D spending should consider nominating directors with rich social capital to the board because they may assist CEOs in coping with R&D complexities and acquiring requisite resources, leading to a better planning of R&D.     

管理者薪酬、在职消费与公司绩效——基于合作博弈的分析视角

在我国公司管理者的薪酬激励体系中,年薪、股权激励和在职消费是三个重要组成部分,系统地研究这三个组成部分之间的关系及其对公司绩效影响,对于建立有效的管理者薪酬激励制度和完善公司治理具有重要意义。本文从合作博弈的角度出发,在非对称Nash讨价还价模型的基础上,通过引入内生化的讨价还价力,构建了一个内生化的Nash讨价还价模型,并应用此模型系统地分析了管理者年薪、股权激励与在职消费之间的关系。本文理论模型分析表明:在给定年薪的情况下,管理者持股比例与在职消费之间存在替代关系。本文运用2005—2010年沪深两市A股上市公司面板数据对上述分析结果以及管理者年薪、股权激励、在职消费与公司绩效之间关系进行了实证分析,结果发现:管理者持股比例和在职消费之间存在替代关系,管理者持股比例的增加能够抑制在职消费,从而提高公司绩效。     

Incentive Mechanisms,Entrepreneurial Orientation,and Technology Commercialization: Evidence from China's Transitional Economy*

Scholars view entrepreneurial orientation as an essential element of high‐performing firms. The extant research has focused extensively on the construct development related to and performance implications of entrepreneurial orientation. Prior research has also identified the significant positive impact of entrepreneurial orientation on technology commercialization. The research community has, however, yet to examine critical antecedents of entrepreneurial orientation and to investigate relevant antecedents and consequences of entrepreneurial orientation in transitional settings such as that of China. Most Chinese firms are embracing significant changes in governance incentive mechanisms as China deepens the economic reform. The extant literature provides limited insight as to how incentive mechanisms such as chief executive officer (CEO) ownership and turnover may affect firm entrepreneurial orientation in China's transitional setting. Furthermore, given the significant changes and uncertainty in the market place, China provides an ideal laboratory to examine the influence of technological turbulence on the relationship between entrepreneurial orientation and technology commercialization. Aimed at filling in these glaring gaps, this study develops a conceptual model, with institutional theory as its underpinning, to examine the relationships among governance incentive mechanisms, entrepreneurial orientation, technological turbulence, and technology commercialization. The empirical results from a sample of 607 Chinese firms reveal several important findings. The CEO ownership has a significant positive effect on entrepreneurial orientation, and CEO turnover frequency has an inverse U curvilinear impact on entrepreneurial orientation. Furthermore, entrepreneurial orientation positively affects technology commercialization, with technological turbulence positively moderating this relationship. This study makes several important contributions. First, the present article brings into sharper focus the differing impacts of CEO ownership and CEO turnover on entrepreneurial orientation. The theoretical deliberation and empirical testing offer useful insights into the formation process of entrepreneurial orientation. Second, the examination of the moderating effect of technological turbulence provides additional richness to the extant literature. In addition, different from prior studies, this study was conducted under China's transitional economy context. By integrating unique institutional arrangements and the turbulent technological environment, two key characteristics of China's transitional economy setting, the study broadened and deepened understanding of key antecedents and consequences of entrepreneurial orientation. The article also discusses managerial implications of the findings and suggests directions for future research.     

研发投入与企业业绩相关性研究——基于中国制造业上市公司的实证分析

研发投入是企业增强核心竞争力和实现可持续发展的关键因素。我国企业的研发投入主要集中在制造业。本文以制造业71家上市公司为研究对象,通过对样本公司R&D投入与企业业绩及企业价值的相关性分析,揭示企业R&D投入对企业业绩的影响作用及对公司价值提升的促进作用。研究结果表明,我国制造业上市公司的R&D投入强度偏低,R&D投入明显不足,但R&D投入强度在2007~2009年3年中逐年上升。企业当期R&D投入与企业当期营业毛利率有显著的正相关关系,滞后一期R&D投入与企业当期营业毛利率仍然存在较为显著的正相关关系,但滞后两期R&D投入与企业当期营业毛利率不存在显著的正相关关系。表明企业R&D投入对企业业绩有一定的影响,且存在一年的滞后性,滞后期较短。同时,企业的R&D投入与托宾Q值存在显著的正相关关系,说明企业的R&D投入与企业价值相关,R&D投入通过对企业业绩的影响来提升公司价值。