金融学院知识库

   党的二十大报告再此强调，“我们仍然要坚持创新在我国现代化建设全局中的核心地位”。从国家来看，我国已进入高质量发展阶段，亟需创新来助推经济转型升级。从企业来说，市场产品同质化现象严重，只有突破创新，才能稳固和加大企业的市场份额。创新需要灵活且专业的人才支持，以及源源不断的研发投入。股权激励作为公司治理的有效手段之一，具有帮助企业吸引人才、扩大融资的作用，可能会在一定程度上解决企业的创新问题，提升企业的绩效。

   本文首先对股权激励、研发投入与企业绩效方面的文献进行梳理归纳，然后对此领域的相关理论进行阐述，最后选取2013-2022年在我国创业板实施过股权激励的上市公司为研究对象，运用多元回归模型和中介效应模型，对股权激励（高管和核心技术人员）、研发投入与企业绩效的关系进行探讨。实证结论为：高管股权激励和核心技术人员股权激励均能显著促进企业绩效的提升、也均能正向影响企业的研发投入，而且在股权激励影响企业绩效的过程中研发投入会在其中发挥部分中介效应。即股权激励不但可以直接作用于企业绩效，还可以通过影响研发投入进而间接影响到企业绩效。本文在对创业板上市公司作为整体展开研究的基础上，进一步将创业板上市公司划分为制造业企业和非制造业企业进行分行业研究，结论显示相比于非制造业企业，制造业企业的股权激励实施效果表现更优。

   本文依据理论分析和实证结论提出，企业应在设置科学合理的行权条件下，适当的加大被授予对象的广度和股权激励强度，方能更充分地发挥股权激励的应有效果。

   The party's 20th report again stressed that "we must still adhere to the core position of innovation in China's overall modernization drive."From a national point of view, China has entered a stage of high-quality development, and urgently needs innovation to boost economic transformation and upgrading. From the perspective of enterprises, the phenomenon of market product homogenization is serious. Only by breaking through and innovation can the market share of enterprises be stabilized and increased. Innovation requires flexible and professional talent support, and a steady stream of R & D investment. As one of the effective means of corporate governance, equity incentive has the role of helping enterprises to attract talents and expand financing. It may solve the innovation problem of enterprises to a certain extent and improve the performance of enterprises.

   This paper first of equity incentive, research and enterprise performance of the literature, and then expounds the related theory in this field, finally selected from 2013-2022 in our country gem implemented equity incentive of listed companies as the research object, using multiple regression model and intermediary effect model, the equity incentive (executives and core technicians), the relationship between r & d investment and enterprise performance. The empirical conclusion is as follows: both executive equity incentive and equity incentive for core technical personnel can significantly promote the improvement of enterprise performance, and can positively affect the R & D investment of enterprises, and the process of equity incentive in the process of enterprise performance. That is to say, equity incentive can not only directly act on enterprise performance, but also indirectly affect the performance of an enterprise by affecting R & D investment. On the basis of the research on gem listed companies as a whole, this paper further divides the GEM listed companies into manufacturing enterprises and non-manufacturing enterprises for industry research. The conclusion shows that compared with non-manufacturing enterprises, the equity incentive implementation effect of manufacturing enterprises is better.

   Based on the theoretical analysis and empirical conclusion, this paper puts forward that enterprises should appropriately increase the breadth of the awarded object and the intensity of equity incentive under the condition of scientific and reasonable exercise conditions, so as to give full play to the due effect of equity incentive.