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。

Correlation on Executive Incentive and Technology Innovation Based on Heckman Selection Model---A Case of Pharmaceutical Industry

By researching on China’s pharmaceutical industry listed companies , using Heckman selection model to avoid sample se-lection bias , this paper combines the linear and nonlinear relations to investigate executive incentive effects on technological innovation dur-ing the twelfth five year plan . The result shows :the executive compensation incentive has not significant positive or negative effect on tech-nology innovation ability , it is an “U” model;equity incentive has significant positive influence on technology innovation ability . Then we find the maximum of compensation incentive , and suggest avoiding excessive compensation incentive , appropriately improving equity incen-tive , and setting up reasonable executive incentive system .