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- 2017
股票流动性、管理层激励与企业技术创新
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Abstract:
在中国经济持续下行的背景下，通过提高企业技术创新进而带动经济增长已受到企业和社会各界广泛关注，为此从资本市场微观结构入手，基于A股2003-2015年的数据，探讨了股票流动性、管理层激励对企业技术创新的作用机制及其影响。研究发现：（1）股票流动性能够提高以全要素生产率和专利申请衡量的企业技术创新水平；（2）股票流动性的提升会显著提高管理层薪酬激励水平，促进企业技术创新水平的提高，且在国有企业中影响作用更强；（3）股票流动性提高了民营企业管理层持股比例，缓解了代理冲突，进而提高了企业的创新水平，但对国有企业无实质影响。
Under the background of continuing downward economy, how to improve the enterprise technological innovation to lead economic growth has become a problem widely concerned by enterprises and the society. This paper studies the influence of stock liquidity on the enterprise technology innovation from the angle of the micro structure of capital market by using A share data in 2003-2015 as the foundation, and explores possible mechanisms from the dimension of management incentive. This study found that, firstly, the stock liquidity could enhance technological innovation measured by total factor productivity and patent application. Secondly, stock liquidity will significantly improve the level of management compensation incentive and promote enterprise technological innovation, which is stronger in state-owned enterprises. Finally, stock liquidity increases the management ownership of private enterprises, which can alleviate the agency conflict, and improve the level of enterprise′s innovation, but shows no substantial effect on state-owned enterprises
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