CAJ | 학술논문

本文；22006～2011年沪深A股实施高管股权激励计划的上市公司为样本，以股权激励的动机为视角，试探性地检验了不同动机下的高管股权激励与公司R＆D支出水平之间的关系。研究发现：（1）相对于未实施股权激励计划的公司而言，实施高管股权激励显著地提高了公司的R＆D支出水平；（2）激励型股权激励-9R＆D支出之间呈正相关关系，而福利型股权激励-9R＆D支出不存在显著的相关关系；（3）在公司富余资源水平和既有业绩分别影响R＆D支出的过程中，激励型股权激励均起到加强作用，而福利型股权激励不具有这种作用。本文的结论加深了对股权激励动机的理解，并为引导我国企业实施激励型动机的股权激励计划提供理论支持和实证证据。
본문；22006～2011년호심A고실시고관고권격려계화적상시공사위양본，이고권격려적동궤위시각，시탐성지검험료불동동궤하적고관고권격려여공사R＆D지출수평지간적관계。연구발현：（1）상대우미실시고권격려계화적공사이언，실시고관고권격려현저지제고료공사적R＆D지출수평；（2）격려형고권격려-9R＆D지출지간정정상관관계，이복리형고권격려-9R＆D지출불존재현저적상관관계；（3）재공사부여자원수평화기유업적분별영향R＆D지출적과정중，격려형고권격려균기도가강작용，이복리형고권격려불구유저충작용。본문적결론가심료대고권격려동궤적리해，병위인도아국기업실시격려형동궤적고권격려계화제공이론지지화실증증거。
Using listed companies in A share which implemented executives equity incentive plans during 2006-2011 as samples, in the perspective of equity incentive motivation, this paper tentatively examines the relationship between R＆D spending level and different executives equity incentive motivations. There are 3 conclusions could be drawn：（1） with respect to the companies without equity incentive plans, the implementation of executive equity incentive significantly improve the R＆D expenditure level; （2） incentive-type motivation and R＆D spending has a positive correlation, while the welfare-type motivation and R＆D expenditures does not have significant correlation; （3） during the process of the company＇s surplus resource level or existing performance affecting the R＆D expenditures, incentive-type motivation can play a strengthen role in both situation, while the welfare-type does not have this effect. The paper has deepened the understanding of the stock option incentive motivation, and provided theoretical supports and empirical evidences to guide Chinese enterprises to implement the stock option plan of incentive motivation.