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1.
以2007-2010年披露研发投入且数据完整的1134家上市公司为样本,构建多元线性回归模型,实证检验了自由现金流对高管激励(长期股权激励和短期薪酬激励)与研发投入关系的中介效应.研究结果表明,长期股权激励和短期薪酬激励均与研发投入显著正相关;自由现金流不仅是长期股权激励与研发投入关系的中介变量,同时也是短期薪酬激励与研发投入关系的中介变量;高管激励、自由现金流、研发投入三者之间存在传导关系.  相似文献   

2.
基于2010—2017年的153家A股上市公司为研究样本,实证分析政府补助、探索式创新意愿与企业市场竞争力间的关系。研究表明,政府补助对企业市场竞争力有显著的正向影响;政府补助对企业的探索式创新意愿有显著的正向影响;企业的探索式创新意愿在政府补助与企业市场竞争力间存在部分中介作用。考虑到CEO心理特征在企业经营决策中的重要影响,将CEO自恋这一心理特征变量同时纳入模型,研究表明CEO自恋水平在政府补助对探索式创新意愿的关系间会起到助推作用。为政府补助的配置效率提供新的解释,也为企业选聘CEO的过程中提供积极的指导。  相似文献   

3.
基于委托代理理论及技术创新理论,探讨股权集中度对企业技术创新选择的影响。以182家制造企业及高新技术企业数据为样本,利用因子分析及结构方程模型对相关假设进行检验。结果表明:(1)经理人激励在股权集中度和技术创新之间具有中介效应;(2)股权集中度和经理人短期薪酬激励呈负相关,和经理人长期薪酬激励呈正相关;(3)短期薪酬激励不利于突变创新,长期薪酬激励有利于突变创新和渐进创新。  相似文献   

4.
本文针对高管团队内部薪酬差距对企业风险承担的影响进行研究,基于前景理论进行分析,当CEO和关键高管的薪酬高于团队其它成员时,遵照确定效应理论,CEO倾向于重视既得利益而规避风险。同时基于异质性理论,能力强的管理者具有风险承担能力,可以调节薪酬差距与风险承担的关系。本文利用我国2012年至2015年沪深两市A股上市公司的数据为研究样本,采用OLS回归模型进行实证研究。研究结果表明:高管内部薪酬差距与企业风险承担负相关,管理者能力能够改善高管内部薪酬差距与企业风险承担之间的负向关系。进一步研究发现,股权激励也有助于抑制管理者的风险厌恶行为。本文的研究填补了锦标赛理论的缺陷,丰富了高管内部薪酬差距与企业风险承担的研究内容,对上市公司确定高管薪酬制定和实施股权激励具有指导意义。  相似文献   

5.
本文以2008—2016年沪深A股204家实施股权激励的上市公司为研究样本,首先从整体上实证检验股权激励与创新绩效的关系,然后从股权激励授予对象(管理层与核心员工)的视角,分析研发投入在二者股权激励与企业创新绩效之间的不同作用。结果表明,股权激励能够显著正向影响企业创新绩效,并且与管理层股权激励相比,核心员工股权激励对创新绩效的提升作用更明显;研发投入作为管理层股权激励与创新绩效之间的中介变量,其中介效应占总效应的比例为42%;在核心员工股权激励与创新绩效之间,研发投入则呈现出显著的正向调节作用。  相似文献   

6.
本文基于薪酬结构的视角,选择2009—2017年对CEO实施了股权激励且在有效期内的中国A股上市公司为研究样本,运用多种计量分析方法实证检验了CEO股权激励强度(股权激励占薪酬总额的比例)对企业研发投资的影响,并进一步分析了CEO权力对上述影响的调节作用。研究发现:①CEO股权激励强度总体上对企业研发投资具有显著的抑制效应,然而此影响仅存在于限制性股票的激励方式当中,对于股票期权而言则并不显著;②CEO权力对股权激励强度的研发投资抑制效应具有显著的缓解作用。本文研究发现表明相对于低强度的保障型股权激励计划而言,高强度的绩效型股权激励计划更不利于企业研发投资活动的开展,这一结论对中国上市公司制定和完善股权激励机制具有一定的参考价值。  相似文献   

7.
《软科学》2015,(5):63-67
以我国上海证券交易所2008~2010年发生并购的405家收购企业为样本,研究并购中CEO薪酬操纵的行为及其价值效应。结果发现:并购中CEO权力和CEO薪酬份额(CPS)均对企业价值具有破坏作用;并购中CEO利用权力提高自身薪酬份额,破坏了企业价值,CEO薪酬份额(CPS)在CEO权力破坏企业价值的过程中起中介作用;股权集中度对CEO权力与CPS的关系具有负向调节作用,表明股权集中度有效抑制了CEO利用权力提高自身CPS的薪酬寻租行为。  相似文献   

8.
黄文伴  李延喜 《科研管理》2011,32(6):133-139
管理层薪酬契约是建立企业盈余管理约束机制的重要环节。本文从管理层薪酬契约的角度出发,以06年到08年间沪、深两地的上市公司为样本,采用修正的截面Jones模型计算可操控性应计利润作为盈余管理程度的代理变量,建立多元回归模型对管理层年薪和股权激励与上市公司盈余管理程度之间的关系进行了实证研究。  相似文献   

9.
朱琪  关希如 《科研管理》2019,40(8):253-262
高管团队薪酬激励是否促进了企业创新投入?本文以企业高管团队薪酬激励政策与创新研发投入行为的关系为切入点,选取A股2009-2013年3862家上市公司作为观测样本,运用倾向得分法(PSM)克服样本选择偏误和内生性问题,综合采用多种匹配方法进行实证分析。研究发现:(1)整体而言,薪酬水平差距的提高并不能提高创新研发投入,但是股权激励却能对创新研发投入有显著正相关影响。(2)主板中股权激励对创新研发投入有显著正向影响,而薪酬水平差距在主板和创业板中都没有显著效果。(3)所有制性质对薪酬水平差距的影响不显著,但在非国有上市公司中股权激励变量与创新研发投入有显著正相关关系。(4)高新技术行业企业实施股权政策显著增加了企业创新研发投入,而薪酬水平差距则没有显著效果。(5)无风险投资参与的企业较有风险投资参与的企业对创新研发投入有显著正向效果。稳健性检验证实结论是可靠的。最后提出了高管团队薪酬激励创新投资的政策含义。  相似文献   

10.
杨水利  姚瑶 《预测》2012,(1):27-33
企业经营者薪酬兑现制度是激励与约束机制的重要内容,其即时性可以实现对企业经营者的短期激励,滞后性有利于经营者的长期激励和约束。本文选取我国部分国有控股制造业上市公司的经营者为研究对象,以经营者行为作为中介变量研究薪酬兑现方式与企业绩效之间的关系,研究表明:当期兑现对经营者短期导向行为有显著影响,对企业运营绩效有正向影响;延期兑现对经营者长期导向行为有显著影响,对企业成长绩效有正向影响。研究结论对于选择适合的经营者薪酬兑现时机及兑现方式提供了理论依据。  相似文献   

11.
CAS should stick to the principle of rendering service to, and giving impetus for, the development of China's science enterprise by making S&T innovations, said CAS President LU Yongxiang. The CAS president made the remarks in a recent talk to communicate the gist of the winter session of the Party's Leading-member Group at CAS, which was held from 7 to 11 January in Beijing.  相似文献   

12.
Aresearch project on the greenhouse cultivation of Swertia chirayita Buch Ham, a popular herbal drug used by the Tibetan people against liver and gallbladder diseases, recently passed the acceptance check by a panel of experts under the auspices of Qinghai Provincial S&T Bureau. The feat was accomplished by researchers from the Lanzhoubased CAS Northwest Institute of Plateau Biology.  相似文献   

13.
The research into the origins of domestic animals is of significance not only for understanding their development per se, but also for making clear the human society evolution. Although there are evidences to show that pigs were independently domesticated in a variety of places throughout the world, the detailed scenario of the origin and dispersal of domestic pigs in East Asia remains unclear.  相似文献   

14.
Among the galaxy of research and development organizations in northwest Beijing's Zhongguancun district, known as China's Silicon Valley, two are especially well-known to IT researchers: Microsoft Research Asia (MSRA), and, within a few blocks on the other side of the street, the CAS Institute of Automation (CASIA). While most people in Chinese scientific organizations strive to move to a large foreign counterpart, Dr. Stan Z. Li (LI Ziqing) moves against the stream.  相似文献   

15.
With great care, Dr. ZHOU Zhonghe takes out a package wrapped by cotton tissue from a drawer and says: "This is the gem of our collections: the fossil of a bird that lived 125 million years ago!" Then, pointing at a tiny mound, he explains: "Look, this is the claw and that is the head. It was in the egg shell and ready to hatch ... The species fell into a family of waterside inhabitants."  相似文献   

16.
As a key component of the national initiative for basic S&T data and infrastructure development, a nationwide survey on the lake water quality, volume and bio-resources has recently been kicked off. The move marks the systematic implementation of the secondround investigation of the country's lacustrine resources.  相似文献   

17.
Bats, the only mammals known to possess the real ability to fly, have fascinated zoologists for a long time with their long-distance migration. How do they find their way home from an altitude of kilometers above sea level, where their stunt of ultrasonic echolocation does not work? Recent discoveries supported the theory that bats might be able to use magnetic clues to figure out their own position,just like what birds do. However, the latest results from a joint study by a group of researchers from the CAS, East China Normal University and University of Auckland reveal that bats apply an interesting strategy different from the one underlying birds' orientation technique, though they both are believed to derive information about their position from the subtle changes in the magnetic field of the Earth.  相似文献   

18.
<正>On February 12,2014,the international academic journal Cancer Research published an article online entitled"Latency Associated Nuclear Antigen of Kaposi's Sarcoma Associated Herpesvirus Promotes Angiogenesis through Targeting Notch Signaling Effector Hey1",as a result from the research conducted by Prof.LAN Ke’s lab at the Institut Pasteur of Shanghai,Chinese Academy of Sciences.  相似文献   

19.
<正>Scientists from CAS and the Max Planck Society(MPG)met on May 13,2014 in Beijing to celebrate their four-decade-long ST cooperation and cherished friendship,anticipating further development of the bilateral relation.This partnership formally began four decades ago with a visit paid by then MPG President,Prof.Lüst to CAS,introduced CAS President BAI in his address at the celebration:"During the visit,CAS and MPG confi rmed the basic principles of cooperation,that is equality and mutual benefi ts for both sides,and reached agreement to develop a collaborative partnership."This occurred only two years after the establishment of the diplomatic relations between Germany and China,despite the shadow of the Cold War."Building up a partnership between Germany and  相似文献   

20.
<正>The scientifi c goals of the Partner Group are to utilize large scale genomic polymorphism data to make fi ne inferences about human demographic history and various forms of natural selection in the human genome;and to understand the genetic basis and evolutionary mechanisms underlying the common variations in human facial morphology,both within and between populations.  相似文献   

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