技术董事、股权激励对企业创新效率的影响

随着知识经济时代的到来，创新在企业经营中的地位越来越高，董事、监事及高管团队对企业创新战略的方向、组织和实施具有重要影响，研究他们对企业创新的影响变得必要和迫切。以2012-2017年沪深两市上市公司为研究对象，运用DEA-Tobit两阶段模型，分析企业技术董事比例和股权激励（分为高管股权激励和核心员工股权激励两个维度）对中国上市公司技术创新效率的影响。结果显示，公司技术董事的比例越大，上市公司技术创新效率越高；对核心员工的股权激励授予比例越高，上市公司技术创新效率越高；然而，高管股权激励授予比例与上市公司技术创新效率并无显著联系。

Research on the Impact of Technical Directors and Equity Incentives on Enterprise Innovation Efficiency

With the advent of the era of knowledge economy, innovation has become more and more important in corporate management.Directors, supervisors and senior management teams have an important influence on the direction, organization and implementation of corporate innovation strategies, and their influence on corporate innovation has become necessary and urgent.This paper takes the listed companies in Shanghai and Shenzhen stock markets from 2012 to 2017 as the research object, the DEA-Tobit two-stage model is used to analyze the proportion of corporate technology directors and equity incentives (divided into executive equity incentives and core employees).The impact of two dimensions of equity incentives on the efficiency of technological innovation of listed companies in China.The results show that the higher the proportion of technical directors of the company, the higher the efficiency of technological innovation of listed companies; the higher the proportion of equity incentives for core employees, the higher the efficiency of technological innovation of listed companies; there is no significant connection between the company's technological innovation efficiency.The conclusions of this paper can provide reference value for the construction of the board of directors of our company and the construction of the corresponding equity incentive system.