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高管激励强度是激励机制的核心内容,本文选取2005-2014年我国上深交所主板公告的实施股权激励方案的上市公司为研究样本,立足于人力资本理论并结合激励理论,利用多元线性回归的方法,分析高管股权激励强度和货币薪酬激励强度对企业发展的影响,以及高管人力资本对二者关系的调节作用。研究结果表明:股权激励强度与企业战略发展呈显著负相关,薪酬激励强度对企业发展产生着正向影响;高管团队的人力资本弱化了股权激励强度对企业战略发展的负向影响;高管团队受教育水平与任职时间促进了货币薪酬激励与企业发展,而高管年龄具有弱化的调节作用。
The incentive strength of senior executives is the core of the incentive mechanism. This paper selects the listed companies in China’s Shenzhen Stock Exchange announced the implementation of equity incentive scheme from 2005 to 2014 as the research sample, based on human capital theory and incentive theory, using multiple linear regression Method to analyze the impact of executive incentive stock and monetary compensation incentive on enterprise development and the regulatory role of executive human capital in the relationship between the two. The results show that there is a significant negative correlation between the intensity of equity incentive and the development of the enterprise strategy, and the strength of the compensation incentive has a positive impact on the development of the enterprise. The human capital of the executive team weakens the negative impact of the equity incentive intensity on the strategic development of the enterprise. Team level of education and working time to promote monetary remuneration incentives and business development, and executives have a weaker regulatory role.