转型背景下中国制造业的创新激励:“行政型”激励还是 “经济型”激励——基于制造业不同产权上市企业的对比研究

Abstract
Figure/Table
References
Related Citation (15)

Download: PDF (1000 KB) HTML (1 KB)
Export: BibTeX | EndNote (RIS)

Abstract Predicated on the panel data of A-share listed companies in China's manufacturing sector from 2013 to 2018,this paper utilizes the perspective of property rights comparison to discuss the influence mechanism of government administrative incentive and enterprise internal economical governance on technological innovation.The results are as follows.Firstly,the governmental subsidy yields significant incentive effect on the technological innovation of non-state-holding enterprises,but no remarkable incentive effect on state-holding enterprises;Secondly,executive incentives display different effects on technological innovation investment of different property rights manufacturing enterprises.To be specific,the equity incentive accommodates a significant promoting effect on the technological innovation of state-holding enterprises,while also yielding a significant restraining effect on non-state-holding enterprises.Moreover,salary incentive has a significant restraining effect on technology innovation of state-holding enterprises,along with a significant promoting effect on non-state-holding enterprises.

Key words： Innovation incentive Governmental subsidy Executive incentive Technological innovation

Received: 22 June 2020

PACS:

F27

	Service

	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors
	Wang Ya
	Li Guihua
	Li Yuanyuan
	Li Wenhui

Cite this article:

Wang Ya,Li Guihua,Li Yuanyuan, et al. Innovation Incentives in China's Manufacturing Industry Under the Background of Transformation: Administrative or Economical Incentives——A Comparative Study on China's Listed Enterprises with Different Property Rights in Manufacturing Industry[J]. , 2021, 2(4): 75-84.

URL:

http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2021/V2/I4/75

[1]黄群慧,贺俊.中国制造业的核心能力、功能定位与发展战略——兼评《中国制造2025》[J].中国工业经济,2015 (6):5-17.
[2]张峰,刘曦苑,武立东,等.产品创新还是服务转型:经济政策不确定性与制造业创新选择[J].中国工业经济,2019 (7):101-118.
[3]李园园,李桂华,邵伟,等.政府补助、环境规制对技术创新投入的影响[J].科学学研究,2019,39 (9):1694-1701.
[4]解维敏,唐清泉,陆姗姗.政府R＆D资助、企业R＆D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009 (6):86-99.
[5]CHEN S,SUN Z,TANG S,et al.Government intervention and investment efficiency:evidence from China[J].Journal of corporate finance,2011,17 (2):0-271.
[6]刘慧龙,张敏,王亚平,等.政治关联、薪酬激励与员工配置效率[J].管理世界,2010 (9):109-136.
[7]林毅夫,刘明兴,章奇.政策性负担与企业的预算软约束:来自中国的实证研究[J].管理世界,2004 (8):81-89.
[8]周黎安.晋升博弈中政府官员的激励与合作——兼论我国地方保护主义与重复建设问题长期存在的原因[J].经济研究,2004 (6):33-40.
[9]SKLIVAS S D.The strategic choice of managerial incentives[J].Rand journal of economics,1987,18 (3):452-458.
[10]张维迎,马捷.恶性竞争的产权基础[J].经济研究,1999 (6):11-20.
[11]李寿喜.产权、代理成本和代理效率[J].经济研究,2007 (1):102-113.
[12]杨兴全,张照南.制度背景、股权性质与公司持有现金价值[J].经济研究,2008 (12):111-123.
[13]尹美群,盛磊,李文博.高管激励、创新投入与公司绩效——基于内生性视角的分行业实证研究[J].南开管理评论,2018 (1):109-117.
[14]李姝,翟士运,古朴.非控股股东参与决策的积极性与企业技术创新[J].中国工业经济,2018 (7):155-173.
[15]吴延兵.不同所有制企业技术创新能力考察[J].经济研究,2014 (2):53-64.
[16]DUNDAS N H,ROPER S.Output additionality of public support for innovation:evidence for irish manufacturing plants[J].European planning studies,2010,18 (1):107-122.
[17]HANSEN M T,BIRKINSHAW J.The innovation value chain[J].Harvard business review,2007,85 (6):121-130.
[18]NARAYANAN M P.Managerial incentives for short-term results[J].Journal of finance,1985,40 (5):1469.
[19]BABER W R,FAIRFIELD P M,HAGGARD J A.The effect of concern about reported income on discretionary spending decisions:the case of research and development[J].Accounting review,1991,66 (4):818-829.
[20]HAUGEN R A,SENBET L W.Resolving the agency problems of external capital through options[J].The journal of finance,1981,36 (3):629-647.
[21]WU J F,TU R T.CEO stock option pay and R&D spending:a behavioral agency explanation[J].Journal of business research,2007,60 (5):482-492.
[22]SANYAL P,BULAN L.Innovation,R&D and managerial compensation working paper[G].Brandeis University,2010:1-53.
[23]JENSEN M C,MECKLING W H.Theory of the firm:managerial behavior,agency costs,and ownership structure[J].Journal of financial economics,1976,3:305-360.
[24]BENJAMIN C E.Organizational form and risk taking in the saving and loan industry[J].Journal of financial economics,1997,44 (1):22-55.
[25]朱德胜,周晓珮.股权制衡、高管持股与企业创新效率[J].南开管理评论,2016,19 (3):136-144.
[26]MORCK R,WOLFENZON D,YEUNG B.Corporate governance,economic-entrenchment,and growth[J].Journal of economic literature,2005,43 (3):655-720.
[27]LAZONICK W.The US stock market and the governance of innovative enterprise[J].Industrial and corporate change,2007,16 (6),983-1035.
[28]徐宁,姜楠楠,张晋.股权激励对中小企业双元创新战略的影响研究[J].科研管理,2019,40 (7):163-172.
[29]蔡贵龙,柳建华,马新啸.非国有股东治理与国企高管薪酬激励[J].管理世界,2018 (5):137-149.
[30]徐悦,刘运国,蔡贵龙.高管薪酬粘性与企业创新[J].会计研究,2018 (7):43-49.
[31]COLES J L,DANIEL N D,NAVEEN L.Managerial incentives and risk-taking[J].Journal of financial economics,2006,79 (2):431-468.
[32]HAMBRICK D C,FINKELSTEIN S.The effects of ownership structure on conditions at the top:the case of CEO pay raises[J].Strategic management journal,1996,16 (3):175-193.
[33]张越艳,李显君,孟祥莺,等.汽车行业高管薪酬对企业创新能力的影响研究[J].管理评论,2017,29 (6):106-117
[34]赵晶,孟维烜.官员视察对企业创新的影响——基于组织合法性的实证分析[J].中国工业经济,2016 (9):109-126.
[35]朱冰,张晓亮,郑晓佳.多个大股东与企业创新[J].管理世界,2018 (7):151-165.
[36]方军雄.我国上市公司高管薪酬存在粘性吗[J].经济研究,2009 (3):110-124.
[37]HE J J,TIAN X.The dark side of analyst coverage:the case of innovation[J].Journal of financial economics,2013,109:856-878.
[38]余明桂,钟慧洁,范蕊.业绩考核制度可以促进央企创新吗[J].经济研究,2016 (12):104-117.
[39]陈红,张玉,刘东霞.政府补助、税收优惠与企业创新绩效——不同生命周期阶段的实证研析[J].南开管理评论,2019 (3):187-200.
[40]李玲,陶厚永.纵容之手、引导之手与企业自主创新——基于股权性质分组的经验[J].南开管理评论,2013,16 (3):69-79.
[41]OLIVIERO A C.R&D subsidies and private R&D expenditures:evidence form Italian manufacturing data[J].International review of applied economics,2011,25 (4):419-439.
[42]斯蒂格利茨.政府为什么干预经济[M].北京:中国物资出版社,1998.
[43]王燕妮.高管激励对研发投入的影响研究——基于我国制造业上市公司的实证检验[J].科学学与科学技术管理,2011,29 (7),1071-1078.
[44]李春涛,宋敏.中国制造业企业的创新活动:所有制和CEO激励的作用[J].经济研究,2010 (5):55-67.
[45]AUH S,MENGUC B.Balancing exploration and exploitation:the moderating role of competitive intensity[J].Journal of business research,2005,58 (12):1652-1661.