国有企业高管薪酬结构与研发投入关系分析word格式论文.docxVIP

摘要技术创新是企业维持长期竞争优势的重要方式之一,企业高层管理人员(以下简称为高管)是企业技术创新的决策主体,在技术创新的整个过程中起主导作用，而合理的薪酬结构设计可以起到激励高管人员技术创新的作用。比如长期的股权激励，它使得高管愿意承担高收益高风险的工作，当高管在进行经营决策时其会从企业长远发展战略和股东利益出发，支持技术创新的投入。国有上市公司数量占到全部上市公司数量的一半以上，其市值占到全部上市公司总市值的70%以上，作为技术创新的主体，对国有企业高管的薪酬结构与研发投入关系研究具有重要的现实意义。本文通过对国有企业高管薪酬的模式和现状进行全面的分析后，进一步探讨了国有企业高管薪酬对研发投入的影响，并通过实证检验得出以下结论：高管股权激励与研发投入之间有显著的正向关系，表现在高管股权激励越大，高管越倾向于增加研发投入；而高管短期薪酬对研发投入没有显著的影响。同时，企业研发投入越高，高管的长期薪酬越高；而研发投入对于高管短期薪酬有较为显著的负向影响。总体来说，国有企业采取股权激励确实比短期薪酬更有利于企业高管加大研发投入。关键词:高管薪酬研发支出内生性国有企业摘要ABSTRACTTechnologicalinnovationisoneoftheimportantwayforenterprisestomaintainlong-termcompetitiveadvantages,corporatesenior management(hereinafterreferredtoastheexecutives)isadecision-makingbodyoftheenterprisestechnologicalinnovation,andtoplayaleadingroleinthe wholeprocessoftechnological innovation,andreasonablesalarystructuredesigncanmotivateexecutives’technologicalinnovationaction.Suchaslong-termequityincentive,itmakesexecutiveswillingtotakeonhigh-yieldhigh-riskwork,whentheexecutivesmakingbusinessdecisions,theywillconsiderthelong-termdevelopmentstrategyandtheinterestsofshareholders,thentheywillpronetosupporttechnologicalinnovation.Accountformorethanhalf ofthetotalnumber oflistedcompanies,and itsmarketcapitalizationaccountedformorethan70%ofthetotalmarketcapitalizationofallthelistedcompanies.Thestate-ownedlistedcompaniesasthemainbodyoftechnologicalinnovationithasimportantpracticalsignificance to study the relationship of executive compensation structure andtechnologicalinnovation.Inthispaper,weanalysisthemodeandthestatusquoonexecutivepayinstate-ownedenterprises,thenexploretheimpactofRDinvestmentof executivepayinstate-ownedenterprises,andthroughempiricaltestingtofindtheconclusions:theexecutivesequityincentivesandRDintensityhavesignificantpositiverelationship.Themoreinexecutives equity incentives,themoretheexecutivesinclinedtoincreaseRDinvestment.butwefindshort-termremunerationhasnosignificantimpacton RDinvestment. wealsofindthehighertheRDinvestment,thehigherthelong-termremunerationofex