研发投入、高管股权激励与企业绩效

R&D Investment, Executive Equity Incentive, and Corporate Performance

摘要: 本文选取2015年至2022年中国A股上市公司为研究对象，深入探讨了研发投入和高管股权激励如何影响企业绩效。研究结果显示，虽然研发投入与企业当期绩效呈现负相关，但这种投资对于企业的长期发展至关重要。同时，高管股权激励与企业绩效之间存在显著的正相关关系，说明当高管持有更多股份时，他们的决策更倾向于促进企业的长期增值。此外，研究还发现高管股权激励在研发投入与企业绩效之间扮演着调节作用，且在研发投入与企业长期绩效的中起到积极作用。本研究为企业如何制定研发战略和高管激励机制提供了实证支持，同时对理解企业绩效背后的驱动因素具有重要意义。

Abstract: In this paper, China’s A-share listed companies from 2015 to 2022 are selected as research objects, and how R&D investment and executive equity incentives affect corporate performance is deeply discussed. The results show that although R&D investment is negatively correlated with corporate performance in the current period, such investment is critical to the long-term development of the corporate. At the same time, there is a significant positive correlation between executive equity incentives and corporate performance, indicating that when executives hold more shares, their decisions are more inclined to promote the long-term appreciation of the corporate. In addition, the study also found that executive equity incentive plays a moderating role in the relationship between R&D investment and corporate performance, and plays a positive role in the relationship between R&D investment and corporate long-term performance. This study provides empirical support for how enterprises formulate R&D strategies and executive incentive mechanisms, and has important significance for understanding the driving factors behind corporate performance.