Abstract
II
Abstract
From a global perspective, the global new round of scientific and technological
revolutions and industrial changes continue to deepen, and competition around the dominance
of technological routes, the division of value chains, and the industrial ecology has become
increasingly fierce. From the domestic situation, China’s economic development has entered a
new normal, its development momentum is accelerating its transformation, and new kinetic
energy, centered on technology research and development, has been given birth. The
information technology industry is the core force that leads science and technology innovation,
drives the economic and social transformation and development, and is the core support for
the construction of a manufacturing powerhouse and an internet powerhouse.
Equity incentives are an important part of the modern corporate governance system and
play a positive role in promoting the R&D investment behavior of enterprises. At the same
time, they will also have an impact on the operating efficiency of the company. The
management of a company enjoys the business decision-making power of the enterprise and
guides the development of the enterprise's innovation activities. The innovation and output of
the R&D investment activities play an important role in improving the business performance
of the enterprise. It can be seen from this that managerial equity incentives not only have a
direct effect on the economic performance of the company, but also exist indirectly through
the intermediary variables such as R&D input. This article will include managerial equity
incentives, R & D investment and corporate performance in the same research framework,
tentative study of Managerial equity incentives - R&D investment – Firm performance
between the three what kind of mechanism and conduction relationship.
This article selects listed companies in the information technology industry as research
objects. Based on the analysis of principal-agent theory, human capital theory, technological
innovation theory, and core competitiveness theories, this paper collects and sorts existing
relevant domestic and foreign research literature, and proposes the research hypothesis of this
paper. , and further establish a corresponding regression model for empirical testing. 377 sets
of effective observation data were collected, and the incentive effect of equity incentives was
firstly verified through propensity score matching method. Secondly, multiple regression
analysis was used to examine the relationship between management equity incentives, R&D
investment, and corporate performance. Then use R&D investment as a mediator to introduce
the regression model, and further explore whether R&D investment plays an intermediary role
in the relationship between managerial equity incentives and corporate performance. The
empirical analysis results show that: In the information technology industry, the
implementation of managerial equity incentives can produce a positive incentive effect;
managerial equity incentives have a significant positive impact on the promotion of corporate
performance; management equity incentives can help mobilize the enthusiasm of enterprises
to carry out innovation activities and increase R&D investment; Raising the level of R&D
investment will help to improve the company's operating performance; R&D investment plays
a partial intermediary role between managerial equity incentives and firm performance.
Abstract
III
Finally, the paper points out the deficiencies in the research process of this paper, and further
propose corresponding policy recommendations in light of the actual situation of the
company.
Keywords: managerial equity Incentives; R&D investment; firm performance;
mediating effect
目录
IV
目录
摘要 ..... I
Abstract . II
第一章绪论 .... 1
1.1研究背景及意义 .. 1
1.1.1 研究背景 ....... 1
1.1.2研究意义 ........ 2
1.2 文献综述 .. 3
1.2.1管理层股权激励与企业绩效的研究综述 .... 3
1.2.2 管理层股权激励与研发投入的研究综述 ... 4
1.2.3 研发投入与企业绩效的研究综述 ... 6
1.2.4 管理层股权激励、研发投入与企业绩效的研究综述 ....... 7
1.2.5 文献述评 ....... 8
1.3研究内容与研究方法 ...... 9
1.3.1研究内容 ........ 9
1.3.2研究方法 ...... 10
1.4本文的创新点 .... 11
第二章理论基础与相关概念 .......... 12
2.1理论基础12
2.1.1 委托代理理论 ......... 12
2.1.2人力资本理论 .......... 13
2.1.3 技术创新理论 ......... 13
2.1.4核心竞争力理论 ...... 14
2.2 相关概念的界定15
2.2.1 信息技术业 . 15
2.2.2 管理层 ......... 15
2.2.3 股权激励 ..... 15
2.2.4 研发投入 ..... 15
第三章研究假设与研究设计 .......... 17
3.1 研究假设17
3.1.1 股权激励政策的实施效果 . 17
3.1.2 管理层股权激励与企业绩效 ......... 17
3.1.3 管理层股权激励与研发投入 ......... 17
3.1.4 研发投入与企业绩效 ......... 18
3.1.5 管理股权激励、研发投入与企业绩效 ..... 18
3.2 变量的定义 ........ 18
目 录
V
3.2.1 被解释变量 . 18
3.2.2 解释变量 ..... 19
3.2.3 控制变量 ..... 19
3.3样本选择与数据来源 .... 21
3.3.1 样本选择 ..... 21
3.3.2 数据来源 ..... 21
3.4模型设计22
第四章管理层股权激励、研发投入与企业绩效关系的实证分析 .......... 24
4.1 描述性统计 ........ 24
4.2 相关性分析 ........ 25
4.3 实证结果及分析27
4.3.1 股权激励计划实施效果分析 ......... 27
4.3.2 管理层股权激励与企业绩效的回归结果及分析 . 29
4.3.3 管理层股权激励与研发投入的回归结果及分析 . 31
4.3.4 研发投入与企业绩效的回归结果及分析 . 32
4.3.5 管理层股权激励、研发投入与企业绩效关系的回归结果及分析 ......... 33
4.3.6 研发投入的中介效应检验 . 34
4.4 稳健性检验 ........ 37
第五章研究结论与展望 ...... 41
5.1 研究结论41
5.2 政策建议42
5.2.1完善企业的股权激励制度 .. 42
5.2.2 增强企业创新意识，提高研发投资力度 . 42
5.2.3 加强创新人才培养，满足产业发展需求 . 42
5.3 研究不足与展望43
致 谢 .... 45
参考文献 .......... 45
附 录：作者在攻读硕士学位期间发表的论文 ........ 49。