股权激励提高了企业创新投资意愿吗——基于双元创新理论视角的实证研究

以2007-2015年A股上市公司为样本，采用双重差分模型检验了股权激励与企业双元创新投资之间的关系。结果表明：股权激励对于企业双元创新投资产生的影响并不相同，它能显著提升企业探索性创新投资水平，对开发性创新投资的作用则不明显；国有股权显著削弱了股权激励对于探索性创新投资的正向作用，较高的市场化程度显著增强了股权激励对企业探索性创新投资的正向作用，但二者对股权激励与开发性创新投资之间的关系有显著影响。

Does Equity Incentive Promote the Investment in Innovation of Enterprises-An Empirical Research on Ambidextrous Innovation Theory

Taking the data of A-share listed companies from 2007 to 2015 as the sample, we analyze the relationship between management equity incentive and ambidextrous innovation investment. The results show:Equity incentive has different effects on ambidextrous innovation investments. Equity incentive can significantly improve the level of investment in exploratory innovation investment, while the promotion effect on the exploitative innovation investment is not obvious. The research shows that the state-owned shares weaken the positive correlation between equity incentive and exploratory innovation investment. On the contrary, the high level of marketization strengthens the positive impact of them. These regulatory relationships, however, have not been found in the exploitation sample group.