科研管理

科研管理 ›› 2018, Vol. 39 ›› Issue (9): 93-101.

• 论文 • 上一篇    下一篇

A股上市公司股权激励的创新激励效应研究

徐长生1，孔令文1,倪娟2   

  1. 1华中科技大学经济学院，湖北 武汉430074；
    2中南财经政法大学会计学院，湖北 武汉430073
  • 收稿日期:2015-10-15 修回日期:2017-06-06 出版日期:2018-09-20 发布日期:2018-11-06
  • 通讯作者: 孔令文
  • 基金资助:

    国家社会科学基金重大项目：“推进我国工业化与信息化融合研究”（08＆ZD037，2009.7-2017.7）。

A research on the innovation incentive effect of equity incentives among A-share listed companies

Xu Changsheng1, Kong Lingwen1, Ni Juan2   

  1. 1. School of Economics, Huazhong University of Science and Technology, Wuhan 430074, Hubei, China;
    2. School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, Hubei, China
  • Received:2015-10-15 Revised:2017-06-06 Online:2018-09-20 Published:2018-11-06

摘要： 本文基于A股2337家（次）上市公司2009-2013年的微观数据，运用OLS回归和倾向得分匹配法考察了我国上市公司实施的股权激励是否激励了企业创新。多种形式的OLS回归结果显示影响企业创新的主要因素是企业的创新传统、盈利能力和负债能力。OLS回归和倾向得分匹配法的处理结果都表明股权激励并没有显著提升我国企业的创新活动。改变匹配方法和对样本进行分年份、行业、规模、最终控制人性质等的匹配处理均证明股权激励没有明显的创新激励效应。这表明我国A股上市公司实施的股权激励还主要是一种福利型的制度安排，尚未发挥出创新激励效应，因此仍需加以改革完善。

关键词: 股权激励, 创新激励效应, 倾向得分匹配法

Abstract: By the methods of OLS and Propensity Score Match (PSM), the effect of equity incentive on corporation innovation is tested based on the data of 2337 China's listed companies from 2009 to 2013. The results of different types of OLS regressions show that innovation tradition, profitability and debt capacity are the main factors that influence corporate innovation. Equity incentive does not inspire innovation significantly no matter tested by OLS or PSM. After changing the matching principles, investigating year by year, industry by industry, by different sizes or by different ownership types, we still find that the equity incentive has no significant effect on innovation. Equity incentive among A-share listed companies turns out to be a kind of welfare arrangement, measures should be taken to improve equity incentive.

Key words: equity incentive, innovation incentive effect, propensity score match method