科技管理研究
科技管理研究
과기관리연구
SCIENCE AND TECHNOLOGY MANAGEMENT RESEARCH
2015年
8期
6-11,16
,共7页
研发投资%创新导向%短期薪酬激励%长期股权激励
研髮投資%創新導嚮%短期薪酬激勵%長期股權激勵
연발투자%창신도향%단기신수격려%장기고권격려
R&D investment%innovation orientation%executive short -term incentives%stock ownership
利用2009年－2012年中国制造业上市公司的数据，结合企业行为理论和委托代理理论，研究创新导向和管理层激励对研发投资的交互作用。同时检验管理层激励与研发投资可能存在的非线性关系。研究结果表明，短期薪酬激励与创新导向对研发投资存在替代效应，而问题导向越明显，长期股权激励能够显著地促进企业研发投资。
利用2009年－2012年中國製造業上市公司的數據，結閤企業行為理論和委託代理理論，研究創新導嚮和管理層激勵對研髮投資的交互作用。同時檢驗管理層激勵與研髮投資可能存在的非線性關繫。研究結果錶明，短期薪酬激勵與創新導嚮對研髮投資存在替代效應，而問題導嚮越明顯，長期股權激勵能夠顯著地促進企業研髮投資。
이용2009년－2012년중국제조업상시공사적수거，결합기업행위이론화위탁대리이론，연구창신도향화관리층격려대연발투자적교호작용。동시검험관리층격려여연발투자가능존재적비선성관계。연구결과표명，단기신수격려여창신도향대연발투자존재체대효응，이문제도향월명현，장기고권격려능구현저지촉진기업연발투자。
Based on the behavioral theory,innovation orientation is divided into resource -oriented innovation and problem-oriented innovation.In other words,firms make an R&D investment based on the objective of performance improving or slack utilization.In combination with behavioral theory and agency theory,we examine a sample of Chinese publicly -tra-ded manufacturing firms over the period of 2009 -2012 and argue the interaction effect between innovation orientation and managerial incentives on R&D investment.We also examine the possible nonlinear relationship between managerial incen-tives and R&D.We find that there is a substitution effect between executive short -term incentives and innovation orienta-tion on R&D investment,and the stock ownership and the problem orientation have a significant positive effect on R&D in-vestment.
