中小上市公司股权激励与技术创新投入的关联性——基于不同终极产权性质的实证研究

以股权激励的利益趋同效应假说与壕沟效应假说为基础,利用中国中小上市公司2007—2010年的平衡面板数据,对经营者股权激励与技术创新投入的非线性关系进行实证检验,并基于终极控制人的不同性质,将上市公司分为国有控股与非国有控股两组分别进行检验,研究发现:中小上市公司的经营者股权激励与技术创新投入之间存在倒U型曲线关系;终极产权性质对这种关联性具有显著影响,即在国有控股公司中,股权激励与技术创新投入之间存在正相关关系,而在非国有控股公司中,股权激励与技术创新投入之间则存在倒U型曲线关系。

Relevance of Equity Incentive and Technology Innovation Investment for Small and Medium Listed Companies: On Different Ultimate Property Rights

This paper adopts panel data of small and medium Listed Companies’ during the period of 2007-2010 to analyze on the relevance of equity incentive and technology innovation investment for listed companies.Basing on their different ultimate property rights,the controlling shareholders are classified into two categories,state-owned and non-state-owned.Empirical research indicates that invested U-shape relationships occur between the equity incentive of management and the technology innovation investment and ultimate property right influences the relationship as the hypothesis said.In the state-owned companies,the equity incentive has positive effect on the technology innovation investment,while in the on-state-owned companies,there are invested U-shape relationships.