I 摘要 在当今复杂多变的时代背景下，我国经济增速渐渐慢下来，推动经济增长需要新 的动力，而创新特别是科学技术的创新尤为关键。在新冠疫情、国际形势紧张等复杂 情况下，各国企业步履维艰，寻求变革成为必然。可见，把握前沿的技术就等于掌握 了市场的方向，技术创新直接或者间接影响企业的可持续发展。我国上市企业开展的 技术创新活动一般都跟员工有很大关系，特别是跟企业高管的行为密不可分，且高管 同时也承担着失败的风险。高管为了自身利益或者企业短期利益，往往会出现短视行 为，即可能主动规避技术创新活动。因此，要如何激励高管、如何促进企业技术创新 成为企业管理与治理的重要关注点。近年来，越来越多的学者致力于研究高管持股、 技术创新活动与企业长期财务绩效，研究较为丰富，但目前的研究主要集中在两两关 系和影响，很少考虑三者之间的关系及作用机理。 本文研究创业板而非主板市场，选择2014年到2019年的面板数据，利用回归分 析以及研究方法中的中介效应方法，先是分别研究了财务绩效如何受高管持股、技术 创新的影响以及技术创新如何受高管持股的影响，然后再研究了技术创新对自变量作 用于因变量的过程中的影响，看技术创新是否起到了中介作用且不同企业性质是否会 带来不同的研究结果。结果表明：在短时间内，财务绩效水平没有因为自变量的变化 发生改变，但从长时间来看，财务绩效会与高管持股保持同向变化；高管持股与技术 创新显著正相关且存在一定的滞后效应；技术创新与财务绩效显著负相关；从整体来 看，技术创新在关系研究中发挥了中介作用；从企业性质的角度来看，在国有企业中， 高管持股通过正向影响技术创新从而负向影响财务绩效，在非国有企业中，高管持股 会促进技术创新水平因而使财务绩效水平提升。本文的研究，对深入了解高管持股、 技术创新对财务绩效的影响有很大帮助，丰富了现有理论，为创业板上市公司在实施 高管持股、进行技术创新活动等方面提供了决策支持。 关键词：创业板上市公司；高管持股；技术创新；财务绩效 论文类型：应用研究 西南科技大学硕士学位论文 II ABSTRACT In today's complex and changing era, China's economic growth is gradually slowing down. New impetus is needed to promote economic growth, and innovation, especially innovation in science and technology, is particularly critical. Under such complex circumstances as COVID-19 and international tensions, companies around the world are struggling, and it is inevitable to seek change. It can be seen that grasping the cutting-edge technology is equal to mastering the direction of the market, and technological innovation directly or indirectly affects the sustainable development of enterprises. The technological innovation activities carried out by listed enterprises in China are generally closely related to employees, especially the behaviors of senior executives, who also bear the risk of failure. For the sake of their own interests or the short-term interests of the enterprise, senior executives often have short-sighted behaviors, that is, they may take the initiative to avoid technological innovation activities. Therefore, how to motivate senior executives and how to promote enterprise technological innovation has become an important focus of enterprise management and governance. In recent years, more and more scholars have devoted themselves to the study of executive ownership, technological innovation activities and the long-term financial performance of enterprises, with abundant researches. However, the current researches mainly focus on the relationship and influence between the two, and seldom consider the relationship and mechanism of action between the three. In this paper, we study the gem rather than the main board market, choose the panel data from 2014 to 2019, using the method of regression analysis and the research methods of the intermediary effect, first, we research how the financial performance by the executives shareholding, how the effect of technological innovation and technological innovation is influenced by the executives shareholding, and then studied the technological innovation of the independent variable on the dependent variable in the process of impact, whether technological innovation plays an intermediary role and the nature of different enterprises will bring different results. The results show that: in a short time, the level of financial performance does not change because of the change of independent variables, but in a long time, financial performance will change in the same direction with the change of executive ownership; There is a significant positive correlation and a certain lag effect between executive ownership and technological innovation. Technological innovation is negatively correlated with financial performance. On the whole, technological innovation plays a mediating role in the relationship study. From the perspective of enterprise nature, in state-owned enterprises, executive shareholding positively affects technological innovation and negatively affects financial performance. In non-state-owned enterprises, executive shareholding promotes the level of technological innovation and thus improves financial performance. The research of this paper is of great help for in-depth understanding of the impact of executive ownership and technological innovation on financial performance, enriches existing theories, and provides decision support for GEM listed companies in 目录 III implementing executive ownership and technological innovation activities. KEYWORDS: GEM listed companies; Executive shareholdings; Technological innovation; Financial performance TYPE OF THESIS:Application Research 西南科技大学硕士学位论文 IV 目 录 1 绪论 .......... 1 1.1 研究背景 ....................... 1 1.2 研究意义 ....................... 2 1.2.1理论意义 .............. 2 1.2.2现实意义 .............. 2 1.3 研究方法 ....................... 3 1.4 研究内容 ....................... 3 1.5 研究创新之处 ............... 5 1.6 本章小结 ....................... 5 2 相关基础理论与文献综述 ..... 6 2.1 概念界定 ....................... 6 2.1.1 高管 ..................... 6 2.1.2 技术创新 ............. 6 2.1.3财务绩效 .............. 7 2.2基础理论 ........................ 7 2.2.1 委托代理理论 ..... 7 2.2.2 激励理论 ............. 8 2.2.3 人力资本理论 ..... 9 2.2.4 技术创新理论 ..... 9 2.3文献综述 ...................... 10 2.3.1高管持股与财务绩效 ....................... 10 2.3.2高管持股与技术创新 ....................... 12 2.3.3技术创新与财务绩效 ....................... 13 2.3.4文献评述 ............ 14 2.4 本章小结 ..................... 14 3 理论阐述与假设提出 ........... 15 3.1 高管持股与财务绩效 . 15 3.2高管持股与技术创新 .. 16 3.3技术创新与财务绩效 .. 16 3.4 技术创新的中介作用 . 17 4 研究设计 19 4.1 样本选择 ..................... 19 4.2 数据来源 ..................... 19 4.3 中介效应研究方法 ..... 19 4.4变量选择 ...................... 21 4.4.1自变量-高管持股（MSR） .............. 21 4.4.2因变量-财务绩效（ROE） ............... 21 4.4.3中介变量-技术创新(RD) ................... 22 4.4.4控制变量 ............ 22 4.4.5虚拟变量 ............ 23 目录 V 4.5 模型设定 ..................... 24 5 实证分析 26 5.1 平稳性检验 ................. 26 5.2 描述性统计分析 ......... 26 5.3 相关性分析 ................. 27 5.4 回归结果分析 ............. 27 5.4.1 高管持股对财务绩效的回归结果分析 ......................... 27 5.4.2 高管持股对技术创新的回归结果分析 ......................... 30 5.4.3 技术创新对财务绩效的回归结果分析 ......................... 32 5.4.4 技术创新的中介效应分析 .............. 34 5.5 稳健性检验 ................. 37 6 研究结论与展望 ................... 39 6.1 研究结论 ..................... 39 6.2 政策建议 ..................... 40 6.2.1加大创业板上市公司高管持股水平 .............................. 40 6.2.2促使创业板上市公司形成创新文化 .............................. 40 6.2.3加强创业板上市公司知识产权保护 .............................. 41 6.3 研究局限与未来展望 . 41 6.3.1 研究局限 ........... 41 6.3.2 未来展望 ........... 41 致谢 ............ 42 攻读学位期间取得的研究成果 .............................. 43