摘要
本文以2009—2015年沪深两市A股主板上市公司为研究样本,按生产要素聚类分析将样本分为技术密集型、资本密集型和劳动密集型三种行业,并通过联立方程组模型和3SLS估计方法研究了创新投入与公司绩效之间相互影响的内生关系,以及公司治理特征对二者的影响。实证结果表明,对于技术密集型行业,创新绩效存在周期效应,公司增加前期创新投入会提升当期企业绩效,当期绩效的提升促使管理层放缓创新步伐,造成未来一期绩效下降,进而再次增加创新投入。与此相反,对于资本密集型行业,创新投入只在当期显著提高绩效,而绩效的提升也会促进未来创新投入的强度。对于劳动密集型行业,创新投入同样依赖于公司前期良好的收益,而创新投入对公司当期和未来的绩效却没有显著影响。同时,高管激励机制中薪酬激励对企业创新投入和公司绩效的关系具有显著的正向调节效应,尤其是技术密集型行业效果明显;而股权激励在全样本和分行业研究中都没有表现出显著的调节效应。本文提出了创新投入与公司绩效之间相互关系的一个新的研究视角,对于上市公司权衡研发支出与公司目标绩效的经营决策以及高管激励机制的设计具有重要价值。
This article selects the firms listed on A shares in Shang- hai and Shenzhen Stock Exchanges from 2009 to 2015 as samples. We cluster these samples according to the factors of production and classify the samples into three types： technology-intensive, capi- tal-intensive and labor-intensive. After obtaining the samples and classifying them, we conduct a research on the endogenous relation- ship between the innovation input and the corporate performance through the simultaneous equations model and 3SLS estimation method. Meanwhile, we also make a study on the influence of exec- utive incentive mechanism on the relationship between the innova- tion input and the corporate performance. The empirical results can be summarized as follows： In technology-intensive industry, there are cyclical effects between innovation input and performance. The increase of pre innovation input will enhance the corporate performance in the current period, however, which will slow down the pace of innovation and lead to lower corporate performance in the future, and then increase innovation input again. In contrast, in capital-intensive industries, innovation input can just improve corporate performance in the current period, and the promotion of corporate performance will promote the intensity of innovation input in the future. For labor-intensive industries, innovation input also depends on early good returns, but innovation input has no sig- nificant impact on the corporate performance both at present and in the future. At the same time, in the executive incentive mechanism, salary incentive has a significant positive regulatory effect on the relationship between innovation input and corporate performance. And the positive regulatiofi effect is particularly evident in technol- ogy-intensive industries. However, equity incentives did not show significant accommodative effects in both the whole samples and sub-industry samples. This paper presents a new research perspec- tive on the relationship between innovation input and firm corporate performance, which is of great value to the listed company in balancing the R＆D input with the company＇s target performance and the design of executive incentive mechanism.
出处
《南开管理评论》
CSSCI
北大核心
2018年第1期109-117,共9页
Nankai Business Review
基金
国家社科基金项目(13BGL042)
北京市社科基金项目(15JDJGB007)
北京市教委项目(SM201610031004)资助
关键词
创新投入
企业绩效
内生关系
高管激励
聚类分析
Innovation Input
Corporation Performance
Endoge-nous Relationship
Executive Incentive
Cluster Analysis
作者简介
尹美群，北京第二外国语学院国际商学院教授、博士，研究方向为货币政策与资本市场财务问题、高管激励、公司治理与内部控制等；;盛磊，北京第二外国语学院国际商学院硕士研究生，研究方向为高管激励；;李文博，北京第二外国语学院国际商学院硕士研究生，研究方向为高管激励、大数据环境下的审计问题
