管理激励、研发投入与企业绩效关系研究

Research on the Relationship between Management Incentive, R&D Input and Enterprise Performance

摘要: 以2010~2019年中国A股医疗行业上市公司为样本，分析了研发投入、股权激励与公司绩效三者间的复杂关系。研究表明：1) 股权激励对公司绩效并无显著的反向调节作用；2) 创新投入与公司绩效有显著的正相关关系；创新投入对股权激励与公司绩效的关系无显著调节作用。关于股权激励效果出现负效应的现象，认为是高管持股比例增加所带来的控制权分散效应比较大，而高管与股东利益趋同效应对应则比较小，所以公司经济附加值随着高管持股的增加而减少。

Abstract: Based on the samples of Chinese A-share medical companies from 2010 to 2019, this paper analyzes the complex relationship among R&D investment, equity incentive and corporate performance. The results show that: 1) Equity incentive has no significant effect on corporate performance; 2) There is a significant positive correlation between innovation input and corporate performance. Innovation input has no significant regulating effect on the relationship between equity incentive and corporate performance. As for the negative effect of equity incentive effect, it is believed that the decentralization effect of control brought by the increase of senior executives’ shareholding ratio is relatively large, while the convergence effect of senior executives’ and shareholders’ interests is relatively small. Therefore, the added value of corporate economy decreases with the increase of senior executives’ shareholding ratio.