分类号________密级______
U D C ________编号10486
硕士学位论文
期权激励对企业创新的影响研究
研究生姓名：陈启博
学号：2018206320014
指导教师姓名、职称：陈志刚教授
学科、专业名称：应用经济学、金融学
研究方向：金融发展理论与政策
二〇二一年五月
Research on the Influence of Option Incentive on
Corporate Innovation
By
Chen Qibo
May 2021
期权激励对企业创新的影响研究
摘要
随着中国经济由高速增长转向高质量发展，培育和促进中国企业的创新机制、提高
中国企业的创新能力变得尤为迫切。其中，如何激励企业研发创新活动中的决策者和执
行者不仅在学术研究中备受关注，同时也是政府管理部门、公司股东以及公司管理层实
际面临的问题。期权这一工具具有非对称的收益曲线，能够帮助持有者也就是激励对象
规避风险，并且在长期与持有者共同分享创新成功为企业带来的丰厚回报，可能是较为
理想的创新激励工具。本文旨在结合中国期权激励的经验数据研究期权激励对企业创新
的影响。
本文在回顾了期权激励与企业创新的国内外相关文献后，鉴于管理层和核心技术员
工这两类创新工作者在创新活动中不同环节发挥的不同作用，将高管和核心技术员工这
两类创新工作者实施期权激励对企业创新产生的影响分别进行分析，同时从投入、效率、
产出三个方面拓展了对企业创新的评价，实证方法上采用倾向得分匹配-双重差分法
（PSM-DID）尽可能降低了样本选择偏误带来的内生性问题，并从收益激励效应和风险
承担效应分析了期权激励促进企业创新的内在机制。首先从理论上分析了高管期权激
励、核心技术员工期权激励与企业创新的因果关系以及产权性质、行业技术特征、期权
行权限制期和期权激励强度对期权激励创新促进效应的影响，提出了研究假设。然后利
用中国A 股上市公司数据进行了实证检验。之后，从收益激励效应和风险承担效应出发
分析了期权激励促进企业创新的内在机制，利用经验数据验证了两种内在机制在中国上
市公司中的存在性。研究表明：（1）高管期权激励提高了企业创新投入和创新产出，
但无法提高创新效率。核心技术员工期权激励提高了企业创新效率和创新产出，但对创
新投入没有影响；（2）国有企业中实施高管期权激励对创新投入、创新效率和创新产
出影响均不显著，而实施核心技术员工期权激励仍然能够提高创新效率和创新产出，不
影响创新投入；（3）相较于非高技术行业，在高技术行业企业中核心技术员工期权激
励对创新效率和创新产出的促进效果更好；（4）无论在高管期权激励还是核心技术员
工期权激励中，较长的行权限制期均有利于期权激励发挥创新激励效应；（5）无论是
高管期权激励还是核心技术员工期权激励，激励强度越大，期权激励的创新激励效应越
好；（6）在我国风险承担效应是驱动高管期权激励和核心技术员工期权激励促进企业
创新的主要内在机制。最后，本文根据研究结论提出了相关建议，以期为企业实施期权
I
武汉大学硕士学位论文
激励提供实践指导。
关键词：期权激励；高管；核心技术员工；企业创新
II
期权激励对企业创新的影响研究
Abstract
With China's economy changing from high-speed growth to high-quality development,it
is particularly urgent to cultivate and promote corporate innovation mechanism and improve
corporate innovation ability.How to motivate the decision-makers and executors in the
innovation activities is not only a concern in academic research,but also a practical problem
faced by government departments,corporate shareholders and corporate management.The
asymmetric return curve of option incentive can help the incentive object to avoid risks,and
share the returns brought by innovation success with the incentive object in the future,which
may be an ideal innovation incentive tool.This paper aims to study the impact of option
incentive on corporate innovation based on the empirical data of China.
After reviewing the relevant literature of option incentive and corporate innovation,in
view of the different roles that management and core employees played in the innovation
activities,this paper innovatively studies the impact of option incentive on corporate
innovation from the two levels of executives and core employees,and expands the evaluation
dimension of corporate innovation from three aspects:input,efficiency and output,and uses
Propensity Score Matching and Difference-in-Difference (psm-did)to reduce the endogenous
problems caused by sample selection bias,and analyzes the internal mechanism of option
incentive to promote enterprise innovation.Firstly,the causal relationship between executive
option incentive,core employee option incentive and corporate innovation is analyzed
theoretically,as well as the influence of property right nature,industry technical
characteristics,option exercise restriction period and option incentive intensity on the
innovation promotion effect of option incentive.And then this paper puts forward the research
hypotheses.Secondly,we use the data of China's A-share listed companies to make an
empirical test.Thirdly,this paper analyzes the internal mechanism of option incentive to
promote corporate innovation from the perspective of Performance-based Effect and Risk-
taking Effect,and uses empirical data to verify whether the two internal mechanisms exist in
Chinese listed companies.The results show that:(1)The executive option can improve the
innovation input and output,but can not improve the innovation efficiency.The core
employee option incentive can improve the enterprise innovation efficiency and innovation
III