论文部分内容阅读
创新活动的中断会带来较高的调整成本,因而保持创新的可持续性对我国企业创新活动意义重大。本文选择高管薪酬作为对企业创新可持续性研究的新因素,分析了高管薪酬对企业创新可持续性的影响,并在此基础上探讨了政治关联及产权性质的情境效应。以2002—2013年A股制造业上市公司为样本,本文实证结果显示:高管薪酬对企业创新可持续性具有正向影响,政治关联能够促进两者正向关系,但只反映在地方政治关联层面。此外,对于非民营企业而言,高管薪酬对创新可持续性的激励作用更强。
The disruption of innovation activities will bring a higher adjustment costs, so to maintain the sustainability of innovation is of great significance to our business innovation activities. This paper chooses executive compensation as a new factor to study the sustainability of enterprise innovation, analyzes the impact of executive compensation on the sustainability of enterprise innovation, and explores the contextual effects of political relevance and property rights on this basis. Taking the A-share manufacturing listed companies from 2002 to 2013 as a sample, the empirical results show that: executive compensation has a positive impact on the sustainability of enterprise innovation, political affiliation can promote the positive relationship between the two, but only reflected in the local political affiliation Level. In addition, for non-private enterprises, executive compensation is more stimulative for innovation sustainability.