CEO股权激励强度对企业研发投资的影响——基于薪酬结构的视角

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Abstract Based on the perspective of compensation structure,this paper selects the Chinese A-share listed companies that have implemented equity incentives for CEOs in 2009—2017 as research samples,and examines the effect of CEO equity incentive intensity(the ratio of equity incentives to total compensation) on corporate R&D investment,and further analyzes the moderate effect of CEO power.The study finds that:①CEO's equity incentive intensity has a significant inhibitory effect on corporate R&D investment.However,this effect only significant in restricted stocks,but not in stock options.②CEO power can effectively alleviate the inhibitory effect of equity incentive intensity on corporate R&D investment.The findings show that compared with the low-intensity security-based equity incentive plan,the high-intensity performance-based equity incentive plan would damage corporate R&D investment.Therefore,it has certain reference value for the formulation and improvement of equity incentive mechanism for listed companies in China.

Key words： CEO's equity incentive intensity R&D investment Restricted stock Stock options CEO's power

Received: 03 June 2019

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C93

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	Zhou Jianqing
	Liang Tongying
	Chen Xiude
	Peng Yulian

Cite this article:

Zhou Jianqing,Liang Tongying,Chen Xiude, et al. The Effect of CEO's Equity Incentive Intensity on Corporate R&D Investment ——Based on the Perspective of Compensation Structure[J]. , 2020, 287(3): 88-96.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2020/V287/I3/88

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