基于创新经济学的组织控制理论推动了公司治理的核心问题从"价值分配"到"价值创造"的演进。本文从促进技术创新这个重要维度对高管激励效应进行重新界定与测度,并运用我国高科技上市公司2007~2010年的平衡面板数据,对薪酬激励、股权激励以及控制权激励等主要激励契约之间的交互关系及其对技术创新的整合效应进行实证检验,得出以下结论,股权激励在薪酬激励与控制权激励的双重调节作用下,对高科技公司的技术创新具有促进效应,即三者的整合,而非单一机制对技术创新产生作用;具体而言,股权激励与薪酬激励存在互补关系,与控制权激励之间存在互替关系。因此,以技术创新为导向,应在高科技公司内部建立以强化股权激励、稳定薪酬激励、弱化控制权激励为特征的高管激励整合体系。
Abstract
Organizational control theory under the framework of the innovation economics motivates the evolution of the core problem of corporate governance from "Value Distribution" to "Value Creation". This paper redefines and estimates the effect of executive incentives from the dimensions of promoting technological innovation, and conducts an empirical research on the relationship between monetary incentive, equity incentive and control rights incentive and their integrated effect on technology innovation by using the balanced Panel Data from 2007~2010 of Chinese high-tech listed companies. The research result shows that the duel moderating effects of monetary incentive and control rights incentive, equity incentive have a positive effect on the technology innovation. Specifically, there is a complementary relationship between monetary incentive and equity incentive and there is a substitutive relationship between control rights incentive and equity incentive. Therefore, orientated by the technological innovation, a Chinese high-tech company should establish an integration system with executive incentives featuring strengthened equity incentive, stable monetary incentive and weakened control rights incentive.
关键词
高管激励 /
技术创新 /
整合效应
Key words
Executive incentives /
technology innovation /
integrated effect
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基金
国家自然科学基金项目(71272120,2013-2016);中国博士后科学基金项目(2012M521359,2012-2014);山东省自然科学基金(ZR2012GM004,2012-2015)山东省社科规划青年项目(12DGLJ01,2012-2014);山东大学自主创新基金青年团队项目(IFYT12059,2012-2014)。
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