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创业板公司高管股权激励对研发投入影响研究_MBA毕业论文DOC

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文本描述
摘要
I
摘要
伴随着日益激烈的市场竞争,科技创新正逐渐成为提高国家综合竞争力和经济发
展的重要手段,作为微观经济主体的企业,研发投入活动是技术创新和技术进步的重
要前提,是企业核心竞争能力的重要来源。但在现代企业制度下,企业的所有权和经
营权相分离,企业所有者与管理者的利益不一致产生了委托—代理问题。由于研发创
新活动具有较高的不确定性以及投资风险性,作为代理人的企业管理者很可能基于自
利的目的而做出放弃企业长远利益的短视行为,从而选择走稳健路线而不去参与研发,
在市场中做一个追随者,以尽量减少研发投入。因此,设计出使管理层与股东利益目
标相一致的高管激励机制是企业创新成功的必要条件。

本文首先对国内外企业技术创新影响因素、高管股权激励对企业研发投入影响的
相关文献进行回顾;接着对相关的概念进行界定和衡量,并介绍了本研究的理论基础
和我国创业板公司股权激励现状和研发投入现状;然后选择了我国创业板 2010 年-2015
年间实行股权激励方案的 220 家上市公司作为样本,从其年度财务报告、股权激励公
告中手工搜集、整理、汇总其披露的股权激励信息,并通过描述性统计分析、相关性
分析、多元回归分析,分别研究高管股权激励契约结构对企业研发投入的影响。实证
研究的结果表明,对高管实行股权激励会对企业研发投入产生正向积极影响;且实施
限制性股票对企业研发投入的影响效果比股票期权的效果更好;而股权激励期限方面,
激励期限越长,激励效果越好,而且股权激励期限对高管股权激励比例与 R&D 投入的
关系产生正向调节作用。最后本文结合前面章节的理论基础和研究结果,针对性地从
政府层面和企业层面提出改进的对策建议,希望能对我国创业板公司完善高管股权激
励机制,提升企业技术创新水平,实现公司价值最大化的目标。

关键词:创业板上市公司;股权激励;研发投入广东工业大学硕士学位论文
II
Abstract
With the increasingly fierce market competition, scientific and technological innovation
is gradually becoming an important means to improve the country&39;s comprehensive
competitiveness and economic development. As a micro-economic enterprise, R&D
investment activities are an important prerequisite for technological innovation and
technological progress. It is the core competitiveness of enterprises An important source of
both the long-term sustainable development of the enterprise and the economic prosperity of
the country are essential. However, under the modern enterprise system, the separation of the
ownership and the management right of the enterprise, the inconsistency between the owner
of the enterprise and the manager has produced the entrustment-agent problem. As the agent
of the enterprise managers based on the purpose of self-interest, will take into account the
technological innovation into the long cycle, high risk and uncertainty to avoid R&D
investment, so that the long-term interests of shareholders and enterprises have an impact.
Equity incentive for corporate executives is an effective way to alleviate the problem of
principal-agent and long-term incentive for managers. The rationality of the design and
implementation of the program will inevitably affect the behavior and decision-making of
the senior executives. R&D investment has an impact.
This paper first reviews the influencing factors of R&D investment in domestic and
foreign enterprises, and analyzes the relevant literatures on the impact of executive equity
incentive on R&D investment. Then, the related concepts are defined and measured, and the
theoretical basis of this research, including principal-agent theory, Incentive theory and
technology innovation theory; then selected China&39;s GEM from 2010 to 2015 the
implementation of equity incentive program of 220 listed companies as a sample, from its
annual financial report, equity incentive notice in the manual collection, collation, summary
of its disclosed shares Incentive information, and through descriptive statistical analysis,
correlation analysis, multiple regression analysis, respectively, to study the executive equity
incentive contract structure on the impact of corporate R&D investment. The results of
empirical research show that the implementation of equity incentive for executives will have
a positive impact on R&D investment. The effect of implementing restricted stock on R&DAbstract
III
investment is better than that of stock option. In terms of equity incentive period, the longer
the period, the better the incentive effect. Finally, this paper, based on the theoretical basis
and research results of the previous chapters, puts forward the countermeasures and
suggestions from the government level and the enterprise level, hoping to improve the
executive incentive mechanism of the parent companies in our country, enhance the
technological innovation level and realize the corporate value Maximize the goal.
Key words: GEM listed companies; Equity incentive; R&D investment广东工业大学硕士学位论文
IV
目录
摘要.......I
Abstract II
目录....IV
Contents.........VII
第一章 绪论....1
1.1 研究背景和意义 ......... 1
1.1.1 研究背景 ........... 1
1.1.2 研究意义 ........... 2
1.2 国内外文献综述 ......... 3
1.2.1 企业技术创新影响因素文献综述 ...... 3
1.2.2 高管股权激励对企业研发投入影响文献综述 .......... 7
1.2.3 文献评述 ........ 10
1.3 研究方法及框架 ........ 10
1.3.1 研究方法 ......... 10
1.3.2 研究框架 ......... 10
1.3.3 技术路线图 ..... 11
第二章 概念界定及理论基础..........13
2.1 概念界定 ...... 13
2.1.1 高管的概念界定 ......... 13
2.1.2 高管激励的概念界定 . 13
2.1.3 研发投入的概念界定 . 14
2.2 理论基础 ....... 15
2.2.1 委托代理理论 . 15
2.2.2 激励理论 ......... 16
2.2.3 技术创新理论 . 17
2.3 本章小结 ....... 18
第三章 现状分析......19
3.1 创业板公司高管股权激励现状及影响因素 .......... 19目录
V
3.1.1 创业板公司股权激励现状