环境不确定性、高管持股与创新投入

以2014—2018年A股上市公司为研究样本,通过多元回归分析实证检验环境不确定性与企业创新投入的关系及高管持股的调节作用.研究发现:环境不确定性与企业创新投入呈负相关关系,且高管持股会削弱二者关系.进一步研究表明,国有上市公司与非国有上市公司的环境不确定性与企业创新均呈负相关,高管持股在非国有企业会减弱二者的关系,在国有企业的调节作用不显著.

Environmental Uncertainty, Executive Stock Ownership and Innovation Investment

Based on the data of the listed companies from 2014 to 2018, uses the multiple regression analysis to study the relationship between environmental uncertainty and enterprise innovation investment and the moderating effect of equity incentives. It is found that there is a significant negative correlation between environmental uncertainty and innovation investment, and equity incentives will weaken the relationship between them. Further research shows that the environmental uncertainty of state-owned listed companies and non-state-owned listed companies are significantly negatively correlated with enterprise innovation. Executive stock ownership will weaken the relationship in non-state-owned enterprises, but it has no significant regulating effect in state-owned enterprises.