高新技术产业是我国的推进改革创新的重要战略产业，不断提高高新技术企 业的技术创新能力，掌握产业发展的核心技术，已经成为刻不容缓的时代使命。 对于高新技术企业而言，急速扩大的企业规模、不断增加的研发投入、广泛使用 的股权激励均会对企业技术创新能力产生影响。但是三者对技术创新能力并非简 单的线性关系。 为了深入探究它们之间的关系，本文基于委托代理理论、技术创新理论和创 新优势理论，在对已有文献进行回顾梳理的基础上，提出研究假设并建立实证检 验模型。本文选取我国2011-2015年间进行股权激励的上市高新企业为样本，对 它们在2011-2015年间的数据进行规范化处理，运用回归分析方法、中介效应检 验方法和调节效应检验方法，以研发投入为核心，讨论了企业规模、研发投入和 股权激励强度对技术创新能力的影响。 实证结果表明：在高新技术企业中，企业规模和研发投入与技术创新能力均 显著正相关，研发投入在企业规模对技术创新能力的影响中具有中介作用；股权 激励的实施可以显著提高企业技术创新能力；股权激励强度对技术创新能力不存 在显著影响，但是可以调节研发投入对技术创新能力的影响，低研发投入时高强 度股权激励有助于提高技术创新能力，而高研发投入时低强度股权激励有利于提 高技术创新能力。最后，本文根据实证结果，从增强企业技术创新能力的角度， 给出了优化企业规模、研发投入和股权激励强度的相应建议。 关键词：技术创新能力；研发投入；股权激励；企业规模；高新技术企业 II Abstract High-techindustryisastrategicemergingindustryinChina.Ithasbecomean urgenttasktoimprovetheindependentinnovationcapabilityofhigh-techenterprisesand tomastercoretechnologies.Forhigh-techenterprises,itistherapidexpansionof enterprisescale,increasingR&Dinvestment,andextensiveuseofequityincentivesthat willhaveanimpactonthetechnologicalinnovationcapability.Butthesethreearenot simplypositivelinearimprovementsintechnologicalinnovationcapabilities. Inordertoexploretherelationshipbetweenthem,thispaperproposesresearch hypothesisandestablishesanempiricaltestmodelbasedonthereviewofexisting literatureandprincipal-agenttheory,technologicalinnovationtheory,innovation advantagetheory.ItisselectassampleswhichChina'slistedhigh-techenterpriseswith equityincentivesfrom2011to2015,andtheirdataduring2011-2015werenormalized. Thenweusesregressionanalysismethod,mediatingeffecttestmethodandadjustment effecttestmethod,focusonR&Dinvestment,anddiscussestheimpactofenterprise scale,R&Dinvestmentandequityincentiveontechnologicalinnovation. TheempiricalanalysisresultsshowthatbothenterprisescaleandR&Dinvestment haveasignificantpositiveimpactoninnovationcapability,andR&Dinvestmentplaysa fullintermediaryroleintheimpactoffirmsizeoninnovationcapability.The implementationofequityincentivescansignificantlyimprovetheabilityof technologicalinnovationcapability.Theintensityofequityincentivesdoesnothavea significantimpactontechnologicalinnovationcapability,butitcanadjusttheimpactof R&Dinvestmentontechnologicalinnovationcapability.Thehighequityincentive intensityatlowR&Dinvestmenthelpstoimprovethetechnologicalinnovation capability,whilethelowequityincentivesforhighR&Dinvestmenthelpstoimprove technologicalinnovationcapability.Finally,thispapergivescorrespondingsuggestions foroptimizingthescaleofenterprises,R&Dinvestmentandequityincentivesfromthe perspectiveofenhancingthetechnologicalinnovationcapabilityofenterprises. Keywords:Technologicalinnovationcapability;R&Dinvestment;Enterprise scale;Equityincentive,High-techenterprises III 目录 摘要...........................................................................................................................I ABSTRACT.................................................................................................................II 第1章绪论.................................................................................................................1 1.1研究背景.............................................................................................................1 1.2研究意义............................................................................................................3 1.3文献综述............................................................................................................4 1.3.1管理层股权激励与技术创新能力的研究综述........................................4 1.3.2研发投入与技术创新能力的研究综述....................................................7 1.3.3企业规模与技术创新能力的研究综述....................................................9 1.3.4相关文献评述..........................................................................................10 1.4研究内容与方法..............................................................................................11 1.4.1研究内容...................................................................................................11 1.4.2研究方法..................................................................................................12 1.5创新点..............................................................................................................13 第2章理论基础与概念界定..................................................................................14 2.1理论基础..........................................................................................................14 2.1.1技术创新理论..........................................................................................14 2.1.2委托代理理论..........................................................................................15 2.1.3大型企业技术创新优势理论..................................................................16 2.2相关概念界定..................................................................................................16 2.2.1高新技术企业..........................................................................................16 2.2.2研发投入..................................................................................................17 2.2.3企业规模..................................................................................................17 2.2.4股权激励..................................................................................................18 2.2.5技术创新能力..........................................................................................18 第3章研究设计..............................................................................................19 3.1研究假设........................................................................................................19 3.1.1股权激励与高新企业的技术创新..........................................................19 3.1.2研发投入与技术创新能力......................................................................19 3.1.3企业规模和技术创新能力......................................................................20 3.1.4股权激励强度的调节作用......................................................................20 3.2变量定义..........................................................................................................21 IV 3.2.1被解释变量：技术创新能力..................................................................21 3.2.2解释变量：研发投入..............................................................................22 3.2.3解释变量：企业规模..............................................................................22 3.2.4调节变量：股权激励强度......................................................................22 3.2.5控制变量..................................................................................................22 3.3模型构建..........................................................................................................24 第4章实证分析......................................................................................................25 4.1样本选择和数据来源....................................................................................25 4.2描述性统计分析..............................................................................................26 4.3股权激励计划实施的效果分析....................................................................27 4.4相关性分析...............................................................................................