目录
摘 要 III
关键词 III
Abstract IV
引言
一、引言 1
二、文献回顾 1
（一）企业技术创新的经济后果及影响因素 1
（二）薪酬激励与企业创新的文献回顾 2
（三）股权激励与企业创新的文献回顾 3
三、理论分析与研究假设 4
四、实证检验 4
（一）样本选取与数据来源 4
（二）变量设定 5
1.被解释变量 5
（1）创新水平 5
（2）创新效率 5
2.解释变量和控制变量 5
（三）模型建立 6
（四）实证检验分析 6
1.描述性统计结果分析 6
2.实证检验模型的回归分析 7
（1）高管薪酬激励对企业创新的影响 7
（2）高管股权激励对企业创新的影响 8
3.稳健性检验 9
（五）实证研究的结果 11
1. 高管薪酬激励与企业创新 11
2. 高管股权激励与企业创新 11
五、实证研究结论及建议 11
（一）实证研究结论 11
（二）政策建议 11
六、本文局限与展望 12
（一）本文研究局限与不足 12
（二）研究展望 12
致谢 13
参考文献 13
高管激励与公司创新
——基于A股上市公司的实证研究
摘 要
近年来，技术创新在企业发展中的作用日益重要，是企业核心竞争力的源泉，如何保证企业的创新水平和创新效率成为学术界和企业关注的热点，然而现有研究尚未得出统一结论且公司创新的衡量方式尚需完善。基于此，论文以20092017年中国A股上市公司为研究样本，公司创新能力从创新水平和创新效率两个维度进行衡量，分别研究高管薪酬激励和高管股权激励对公司创新的影响。研究发现：（1）高管股权激励对公司的创新水平和创新效率都有显著正向影响，即高管股权激励越强，公司的创新水平越高，公司的创新效率也越 *51今日免费论文网|www.51jrft.com +Q: ^351916072# 
高；（2）高管薪酬激励对公司创新水平和创新效率的影响却存在明显差异，高管薪酬激励显著正向影响公司创新水平，但对公司的创新效率却有显著负向影响。简言之，本研究发现高管股权激励有利于从创新水平和创新效率两个方面推动企业的创新活动，但高管薪酬激励却不能带来企业创新效率的提高，本文丰富了公司创新与高管激励的相关理论研究。
Executive Incentive and Company Innovation
——An Empirical Study of Ashare Listed Companies
Abstract
In recent years, technological innovation plays an increasingly important role in the development of enterprises, which is the source of the core competitiveness of enterprises. How to ensure the innovation level and efficiency of enterprises has become a hot topic in academia and enterprises. However, the relevant research has not yet reached a unified conclusion and the way of measuring the innovation of companies needs to be improved. Based on this, this paper takes 20092017 Ashare listed companies as the research sample, and measures the innovation ability from two dimensions of innovation level and innovation efficiency, respectively, to study the impact of executive compensation incentive and executive equity incentive on corporate innovation. The results show that: (1) executive equity incentive has a significant positive effect on the company innovation level and efficiency, that is, the stronger the executive equity incentive is, the higher the innovation level of the company is, the higher the innovation efficiency of the company is; (2) there are significant differences in the impact of executive compensation incentive on the innovation level and innovation efficiency of the company, and executive compensation incentive has a significant positive impact on the innovation level of the company However, it has a significant negative impact on the innovation efficiency of enterprises. In short, this study found that the executive equity incentive is conducive to promoting the innovation activities of enterprises from two aspects of innovation level and innovation efficiency, but executive compensation incentive can not improve the innovation efficiency of enterprises. This paper enriches the theoretical research on corporate innovation and executive incentive.

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