高管持股变动、技术创新与公司价值——基于不同产权性质的比较

以2012—2019年A股上市公司数据为样本，对高管持股变动、技术创新与公司价值的关系进行分析。结果表明：技术创新投入与产出对公司价值均具有正向影响，并且高管持股变动对上述影响具有显著正向调节作用。对不同产权性质公司而言，国有上市公司技术创新活动对公司价值的影响和高管持股变动对该影响的调节作用显著低于非国有上市公司。基于上述结论，从政府补贴、公司高管业绩考核和股权激励等方面提出相关建议。

Senior Executive Ownership Changes,Technological Innovation and Firm Value：A Comparison based on Different Property Rights

At present, domestic companies are not motivated enough to invest in technological innovation. The proposal of the CPC Central Committee on the formulation of the 14th Five-Year Plan for National Economic and Social Development and the Long-term Goals of 2035 adopted at the Fifth Plenary Session of the 19th CPC Central Committee is expected to change this situation.The proposal clearly sets out the goal of “improving companies' technological innovation capability” and “strengthening companies' main position in innovations and promoting various innovation factors to aggregate to companies”.Therefore, the listed companies as the entities with rich advantageous resources will be the leading forces to promote domestic technological innovation activities.This study center on the issue if technological innovation input and output can be reflected in the company value.In addition, as the insider of the company's internal information, the change of the senior executive's ownership will inevitably affect the potential value judgment of the external investors on the company's innovation activities and play a moderating role in the impact of technological innovation on the company value.Finally, since state-owned listed companies are controlled by government administrative departments, there are economic and political implications of their technological innovation activities.Compared with non-state-owned listed companies, the impact of their technological innovation input and output on company value and the moderating effect of their senior executive ownership changes are different. #br#This study takes the data of A-share listed companies from 2012 to 2019 as research objects, selects 3415 qualified listed companies, and analyzes the relationship between senior executive ownership changes, technological innovation and company value. It verifies the hypothesis by defining technological innovation input, output, company value and other control variables with different multiple linear regression models. In addition, robustness tests are carried out to ensure the reliability of the conclusions. The results show that technological innovation input measured by the ratio of R&D expenditure to revenue has a positive impact on company value, technological innovation output measured by the number of patent applications also has a positive impact on company value, and senior executive ownership changes have a significant positive moderating effect on the above effects. For the companies with different property rights, the impact of the technological innovation activities on the value of state-owned listed companies and the moderating effect of senior executive ownership changes on the technological innovation activities and company value are significantly lower than that of non-state-owned listed companies.#br# Based on the above conclusions, this paper puts forward the suggestions from such aspects as subsidies for the technological innovation companies by the government, and the performance assessment and stock ownership incentive for the senior executives by the listed companies. Firstly, government departments should adopt economic means to promote companies to be the main forces of technological innovation. Considering the spillover effect of technological innovation, the government should give appropriate subsidies to the technological innovation activities of the listed companies and make them become the leading forces of domestic technological innovations and product upgrading.In particular, state-owned listed companies undertake some political tasks and social responsibilities, and they should be given more subsidies and rewards for their technological innovation input according to their social contribution.Secondly, the assessing period of the company's senior executives should be appropriately extended, and linked with the assessment of the stock price.It takes a long time for technological innovation activities to be transformed into company performance, and a short performance assessing cycle will affect the enthusiasm of the company's executives to invest in technological innovation, thus affecting the company's competitive advantages and long-term development in the future.Because the company's stock price responds to the potential value of innovation activities in advance, a longer assessing period and linking the assessment to the stock price can promote executives to increase the innovation investment, thereby increasing the company's future value.Thirdly, the consistency of the interests of the executives and shareholders should be ensured by the equity incentive means.The shareholding ratio of senior executives in the state-owned listed companies is too small and insignificantto have an incentive effect. It is necessary to improve their shareholding ratio by establishing professional manager system and adopting restricted stocks and stock options, so as to make them to pay more attention to technological innovation and long-term development of the company.By this way, the changes of the executives' shareholding can deliver effective value information to the capital market, and play a moderating role better in the relationship between technological innovation and company value.#br#