科研管理

科研管理 ›› 2018, Vol. 39 ›› Issue (10): 1-11.

• 论文 •    下一篇

异质设计动机下的股权激励对产品创新能力的影响

杨慧辉1，徐佳琳1，潘飞2，马二强1   

  1. 1上海对外经贸大学，上海201620； 2上海财经大学，上海200433
  • 收稿日期:2017-01-12 修回日期:2017-05-10 出版日期:2018-10-20 发布日期:2018-10-12
  • 通讯作者: 杨慧辉
  • 基金资助:

    上海市哲学社会科学规划课题：“大股东-高管权力博弈、股权激励与公司非效率性投资行为研究”（2015BGL004）；上海市软科学研究重点项目：“股权激励对科技创新投入、产出及其效率的影响研究”（16692106200）；上海市大学生创新创业训练项目；教育部人文社科重点研究基地重大项目：“中国管理会计体系建设研究”（15JJD630008）。

Effect of equity incentive with heterogeneous design motivation on product innovation capability

Yang Huihui1, Xu Jialin1, Pan Fei2, Ma Erqiang1   

  1. 1. Shanghai University of International Business and Economics, Shanghai 201620, China;
    2. Shanghai University of Finance and Economics, Shanghai 200433, China
  • Received:2017-01-12 Revised:2017-05-10 Online:2018-10-20 Published:2018-10-12
  • Supported by:
     

摘要： 在厘清股权激励对企业产品创新行为影响机理的基础上，本文采用案例研究方法，分析控股股东与管理层权力博弈结果对股权激励动机的影响，以及不同的股权激励设计动机对企业的产品创新行为的异质影响。研究发现，管理层权力主导和控股股东权力主导所造成的内部人控制问题，会使得股权激励沦为内部人谋取私有收益的工具，缩减提升公司竞争能力和可持续发展能力但风险高、周期长的产品创新的投入，进而削弱产品创新的成果转化能力。只有在控股股东发挥积极监督治理的环境中实施的股权激励才具备提升创新投入和产出成果转化能力的作用。

 

关键词: 股权激励动机, 权力博弈, 产品创新, 内部治理结构

Abstract: After clarifying the effect mechanism of managerial equity incentive on the product innovation ability, we using the case study of Shanghai Jahwa, analyze the effect of the power game between controlling shareholders and management on the motivation of managerial equity incentive contract design, and the effect of different design motivation on the product innovation ability. We find that, the problem of insider control caused by either the management or the controlling shareholders will make the managerial equity incentive contract as the tool for self-interest insider to seek private gains, and this will reduce the investment of product innovation, in turn to damage the transforming ability of product innovation to the profitability. The implementation of equity incentive only in the environment of controlling shareholders to play a monitoring role can improve the product innovation investment and the transforming ability of product innovation to the profitability.

Key words: equity incentive motivation, power game, product innovation, internal governance structure

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