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本文旨在从异质性视角深入探讨管理层激励方式对企业研发投资的影响。在回顾相关理论的基础上,提出了关于管理层股权激励和薪酬激励对企业异质研发投资影响以及机构投资者持股对影响关系调节效应的基本假设,并利用中国上市公司2007—2016年的面板数据,采用两阶段最小二乘法（2SLS）进行了实证检验。研究结果表明：股权激励对研究投资和试验开发投资均有显著促进作用;薪酬激励对试验开发投资有正向影响,与研究投资间的关系则呈倒“U”型;随着持股比例的上升,机构投资者对企业投资决策的监督作用增强,这强化了股权激励对两种研发投资的促进作用,但薪酬激励对两种研发投资的影响被挤出;研发投资不仅可以提升企业当期绩效,对其未来绩效也有着积极影响,且研究投资和试验开发投资对企业未来绩效影响的持续期数存在明显差异。本文从异质性视角拓展了创新激励理论,对企业创新激励机制设计实践也具有一定的启发意义。 相似文献
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风险投资、股权结构与创业绩效 总被引：2，自引：0，他引：2
以450家创业企业为样本,从投资回报、获利性和成长性三个角度实证检验了风险投资及其参与特征和创业者及其参股情况对创业绩效的影响.回归结果表明:风险投资及其参与期限对创业投资绩效和获利性具有负向作用,而对成长绩效无明显影响;而通过增加相对持股比例赋予风险投资控制权在一定程度上有利于企业投资绩效和获利性的提高,但同时会显著降低企业的成长性.针对创业者参股情况的影响作用,发现企业负责人作为第一大股东或持有高的股权比例将显著提升企业投资绩效和获利水平,但是对成长绩效无明确影响. 相似文献
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以2004-2008年信息化500强企业为样本,聚焦中国制造业企业,以公司治理视角研究IT投资与企业绩效的关系。从公司治理的两个构念(董事会独立性,股权结构)出发,分别探究独立董事比例、法人持股比例和国家持股比例对IT投资回报的影响作用。结果发现,独立董事比例和法人持股比例上升能够增加企业IT投资回报,而国家持股比例上升却会抑制IT投资回报。 相似文献
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上市高新技术企业高管人员持股与企业绩效关系实证分析 总被引：11，自引：0，他引：11
选取高新技术企业中颇具代表性的信息技术行业上市公司作为研究对象,采用分类比较和回归分析的方法,对其高管持股与公司绩效关系做实证分析.分析结果表明,公司经营绩效与高管持股比例之间呈二次方曲线关系,当高管人员持股比例低于27.93%时,公司经营绩效与高管人员持股比例正相关.提出现阶段我国高新技术企业应积极实施股权激励. 相似文献
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管理机制技术知识资产与企业市场绩效 《科学学研究》2017,35(5):754-762
管理机制和技术知识资产对企业市场绩效具有重要的影响。本文采用中国上市公司2009-2014年的数据,分析技术知识资产对企业市场绩效的作用,以及管理机制在此过程中的差异性作用。研究发现：技术知识资产对企业市场绩效具有显著的正向影响;激励机制在技术知识资产转化为市场绩效的过程中起到显著的正向调节作用,其中CEO薪酬水平的调节作用强于CEO持股比例;监管机制中的外部董事持股比例起到正向的强化作用,而两职分离起到弱化的调节作用。本文的研究结论从理论上深化了对管理机制与技术知识资产间关系的认识,同时对企业市场绩效的提升也具有重要的实践意义。 相似文献
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本文以2012-2017年有创业投资背景的创业板上市公司为样本,选用广义矩估计方法,检验创业投资介入对被投企业创新绩效的影响,并探讨其作用机制。研究显示,创业投资持股比例和介入强度未提高被投企业的创新绩效,联合介入与创新绩效存在正向作用,但结果不显著。对创新程度进行分类研究,发现创业投资的持股比例、介入强度以及联合介入均对被投企业的突破式创新绩效具有明显抑制作用,对渐进式创新绩效具有促进作用。创业投资对被投企业的创新行为具有选择性。 相似文献
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在经济进入新常态的背景下,混合所有制改革已被确定为推动和深化国企改革的重要战略部署。随着混改的推进,国企股权结构的变化势必会对企业的绩效产生影响。基于此,本文以2013—2017年国有上市公司为研究对象,运用多元回归的分析方法,研究混合所有制改革背景下国有企业股权制衡度对企业绩效的影响。研究发现:混改国企的股权制衡度与企业绩效呈倒"U"型关系,且第二大股东持股比例与企业绩效呈显著正相关关系,第二大股东持股比例增加对企业绩效有积极作用。混改国企中第二大股东是非国有股东,前两大股东性质不一致,则制衡有效。鉴于我国目前国有上市公司股权制衡水平较低的现实,应适当提高除第一大股东外其他大股东的持股比例并进一步深化国有企业混合所有制改革,引入和增加非国有资本和不同背景的战略投资者的比例,促进股权结构的多元化发展。 相似文献
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随着企业间的竞争越来越激烈,若想获取优势,提高市场占有率,企业就需要投入研发成本进行技术创新。而高管作为企业的代理人拥有企业战略决策权,对企业的研发投入和绩效起着关键作用。为了有效解决所有人目标与代理人目标不一致问题,就需要对高管进行一定的激励措施。文中以软件与信息技术行业为研究样本,选取了2014—2017年的数据,采用了描述性统计、相关性检验以及回归分析等多种分析方法,对高管激励、企业绩效和研发投入三者之间的相互关系以及高管激励对研发投入与企业绩效两者的调节作用进行回归检验,研究结果表明:高管短期薪酬激励和高管长期持股比例对研发投入与企业绩效的关系均不存在调节作用;研发投入强度与企业绩效负相关,且相关性不显著。文中从高管激励的视角出发,探究如何完善适合企业自身发展的高管激励制度,从而促进企业创新,对于培养软件和信息技术服务业的核心竞争力,提高企业绩效具有一定的指导意义。 相似文献
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本研究基于关系型债权人视角,阐释了创新激励二元性特征及其在债权治理和创新绩效的路径作用,并将产权性质纳入整合分析框架,对产权性质在债权治理、创新激励二元性与创新绩效关系的调节作用展开探讨,全面揭示了债权治理对创新绩效的作用机理。研究发现：中国本土情境下,商业银行具有典型的关系型债权人特征,银行债权治理作用能够显著促进企业创新绩效;约束性激励在债权治理与创新绩效关系中具有显著中介作用,而鼓励性激励的中介效应并不显著;产权性质在二者关系中具有显著调节作用,国有持股比例越高,债权治理机制产生的约束性激励越发不明显,创新绩效越低。本文研究结论有利于在创新激励视角下拓展债务异质理论,并能够为企业创新融资实践提供重要科学依据。 相似文献
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《Research Policy》2019,48(9):103792
Performance incentives have become increasingly important in academia. Evidence suggest that they increase not only researchers’ effort but also their cheating. We develop a principal–agent framework in which a research institution (principal) aims to reward scientific productivity considering the social benefit of research and the remuneration costs. Researchers (agents) take into account what others are doing. As a consequence, the introduction of performance incentives not only leads to fraudulent behavior in the short run, but may also deteriorate the scientific norm in the long run. In the face of these dynamics, the principal pursues two goals: to increase productivity (effort incentive policy) and to deal with fraud (anti-fraud policy). Several factors determine the optimal mix of policies: economic factors (researchers’ cost of providing high or low effort, the societal value of scientific knowledge and the societal costs of scientific misbehavior) and psychological factors (the evolution of norms over time). An important insight of our theory is that when research institutions seek to encourage the production of high quality research, they should also raise the salary for normal research to avoid misconduct. 相似文献
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《Research Policy》2023,52(3):104711
Since the 1980s, policy reforms have been undertaken in China to gradually promote entrepreneurship of academic researchers. Based on manually collected data on academic executives (defined as either chairperson of the board or CEO, who had an academic title), we investigate the effects of academic executives on corporate technological capabilities and innovation performance among Chinese listed manufacturing firms from 2001 to 2015. Our results demonstrate that firms with academic executives are more likely to implement technological advancement strategies by increasing firm basic research, collaborating with outside institutions, and providing incentives to knowledge workers. Consequently, they have enhanced technological capabilities, as well as a higher quantity and quality of innovation output. In addition, firms with academic executives are more likely to have better financial performance regarding sales and profitability and keep a higher proportion of profits inside the firm to reinvest. The identification of the causal effects of academic executives relies on top executive turnover within firms and the propensity score matching strategy. Further analysis demonstrates that the effects of academic executives are more pronounced when they have a higher academic title, administrative experience, and a specialization in sciences. Our findings suggest that promoting entrepreneurship of academic researchers is an effective way of diffusing and utilizing knowledge, and it provides an internal driving force for the enhancement of corporate technological capabilities, which is crucial for technological catch-up of firms in latecomer countries. 相似文献
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《The Information Society》2012,28(1):43-52
AbstractWe argue that the stakes of scholarly communication are changing as a result of technology-enabled ability to self-track and the enhanced provision and proliferation of instant metrics. These developments accentuate the role of the individual, and conversely underplay the collective effort, in the advancement of knowledge by focusing attention on metrics centered on the individual, professional performance, and communication directed at oneself. We suggest – in line with previous research – that metrics play an increasingly important role in configuring the scholarly communication system. But we also stress, unlike previous research, that metrics are embedded in larger communication contexts, or systems, that are already codified and ordered. Hence the discursive value ascribed to metrics must take into account these contexts. This has at least two benefits. One, we do not reduce scholarly communication to an issue of metrics and rewards, like scientometric studies and contemporary notions of the so-called quantified academic self, and two, a communication framework allows us to see new sorts of conversations going on and new modes of togetherness enabled alongside the digital nurturing of metric regimes. 相似文献
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随着传统型大学向创业型大学的转变，高校兼具知识创造和知识应用的双重特性。科研人员在R&D活动中追求学术价值和商业价值双重目标。本文基于一个简单模型来研究学术和商业激励两种方式对R&D活动时间配置以及项目选择的影响，基于此，进一步分析了组织最优激励契约设计。研究结果表明：高的商业激励会减少科研人员研究活动，但却激励科研人员选择高风险的基础研究，从而会带来突破性创新。组织层面高校应加大商业激励鼓励研究偏好人员，对偏好研究活动的人员，激励其进行开发活动；对于不偏好研究活动的人员，激励其增加努力程度。 相似文献
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We examine information sharing among academics during the research process and show it is context dependent because of differences in trade-offs. When researchers respond to specific requests for information or materials, potential future reciprocity is weighed against the current loss of competitiveness, while general sharing intermediate results in an open forum is driven by the need for feedback versus potential misappropriation. We formally model these trade-offs and empirically test for differences using a survey of German and UK bio-scientists. Increased competition has a negative impact on sharing in both contexts. But career stage has an effect only on specific sharing with untenured faculty less likely to share. Further, scientists in larger teams are more likely to share specifically, but less likely to share generally. The importance of patents for one's reputation reduces sharing in both contexts, but the effect is greater for general information sharing. 相似文献
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This paper examines the role of tacit and explicit knowledge in translating management innovation into firm performance in Japanese companies. While past research has been inconsistent on the role of management innovation on firm performance, this research considers how management innovation in organizations can promote tacit and/or explicit knowledge creation, and whether this leads to higher firm performance. This research uses a questionnaire survey of employees of Japanese firms and applies conditional process analysis. There was no direct effect of management innovation onto firm performance, and that instead, both tacit and explicit knowledge fully mediated the relationship between management innovation and firm performance. While management innovation programs by themselves did not directly increase firm performance, the alignment of these programs with knowledge management initiatives enhanced performance. This highlights the need for management innovation that first considers the type of knowledge needed for enhanced performance. Previous research did not consider the role of knowledge as a means to translate management innovation into firm performance. This paper uncovers the mediating role of knowledge, potentially elucidating past inconclusive results. 相似文献
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上市公司内控机制的效率评价:公司业绩与总经理变更视角 总被引：2，自引：0，他引：2
以总经理非常规变更为视角,采用Logistic回归模型,通过实证分析中国上市公司2000~2004年总经理变更与公司业绩、内控机制的相关性,对内控机制的效率进行了初步判断。研究表明:(1)总经理变更与公司业绩呈负相关,中国上市公司内控机制存在效率;(2)总经理变更与经理董事比例、第一大股东持股率显著负相关;与独立董事比例的相关性未得到证实;业绩既定下,经理董事比例的提高降低了总经理变更对业绩的敏感性;(3)经理董事与大股东是影响内控机制效率的关键因素,深化股权分置改革、完善独立董事制度及其行权的制度环境建设仍是未来公司治理改革的重点。 相似文献
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用户参与企业创新是提高新产品开发绩效的重要手段,但在吸纳用户参与自身创新过程时,企业需要在开放式创新的价值共创之利与管理复杂性之弊之间进行权衡。不同类型用户参与对企业NPD效应的差异及影响机理仍未得到充分揭示。基于创新理论与组织理论,采用444份国内企业样本,探索用户作为企业外部能动的创新源参与到企业创新过程中,对企业的组织协调机制及技术创新绩效的影响。发现：企业吸纳用户参与创新将有利于提升NPD绩效,但不同模式的用户参与提升企业NPD绩效的组织过程存在差异;用户以信息提供的方式参与企业创新,对企业NPD提升效应最强;组织跨界协调在用户参与提升企业NPD绩效的过程中起中介作用,特别是,对于用户作为独立创新者的参与方式,企业须经由正式设计的跨职能沟通机制,才能真正利用其有效贡献于企业NPD绩效的提升,否则用户独立创新可能对企业NPD绩效造成损害。文章最后讨论了理论贡献、管理意义与研究局限。 相似文献
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本文的主要目的在于揭示学习导向作为组织价值观,其对企业绩效影响的行为路径。本研究的原创意义在于重新梳理了导向的构念,将学习导向界定为状态变量,将市场导向、创业导向和技术导向界定为行为变量,扩展了学习导向已有的态度—结果研究范式,按照价值观—组织行为—结果的研究范式揭示了市场导向、创业导向、技术导向行为在学习导向与企业绩效之间的路径作用。利用中国467个企业的问卷调查数据进行实证分析,研究结果发现,市场导向和创业导向对学习导向与企业绩效之间关系具有中介作用,同时,市场导向和技术导向对创业导向具有正影响,但技术导向对学习导向与企业绩效之间关系的中介作用没有得到证实。 相似文献