汪蕾 李冬妍

摘 要：在国家高度重视科技创新的时代背景下，企业作为科技创新的重要力量，积极探索创新推动力。为了寻找提高企业创新的方法，首先需要分析影响企业研发投入的因素，在众多的影响因素中，管理者的有效管理与企业的整体创新绩效密切相关，文中旨在探究其中联系，从根源上找到企业创新思路。文中以2013—2017年中国A股上市公司为样本，采用多重回归分析法，研究高管激励、机构投资者持股与研发投入之间的关系。研究发现：高管股权激励强度和高管薪酬激励强度与企业研发投入显著正相关;机构投资者持股促进企业研发投入的增加;机构投资者持股会削弱高管激励对企业研发投入的促进作用。文中将高管激励，机构投资者持股和研发投资的3项因素整合到同一研究结构中，不仅探究影响研发投资的因素，而且检验得出机构投资者的替代效应。

关键词：薪酬激励;股权激励;机构投资者持股;研发投入;替代效应

中图分类号：F 230 文献标识码：A 文章编号：1672-7312（2020）04-0380-06

Abstract：Under the background of the era when the country attaches great importance to scientific and technological innovation，enterprises，as an important force in scientific and technological innovation，are actively exploring the driving force for innovation.In order to find ways to improve corporate innovation，first of all，this paper analyzes the factors that affect the companys R & D investment.Among the many influencing factors，effective management of managers is closely related to the overall innovation performance of the enterprise.The purpose of this paper is to explore the connections and find the idea of corporate innovation from the root.This paper takes the companies industry of A-share market from 2013 to 2017 as a sample and uses multiple regression analysis to study the relationship between executive incentives，institutional investor holdings and R&D investment.The study found that the intensity of equity incentives and executive compensation incentives are significantly positively correlated with corporate R&D investment;institutional investors shareholdings increase the R&D investment of enterprises;institutional investors shareholdings will weaken the promotion of executives R&D investment effect.This paper integrates the three factors of executive incentives，institutional investors holdings and R&D investment into the same research structure，not only to explore the factors affecting R&D investment，but also to test the substitution effect of institutional investors.

Key words：compensation incentives;equity incentives;institutional investors holdings;R&D investment;substitution effect

0 引言

當前，中国经济发展进入新的周期，经济增长速度放缓。根据最新数据，2019年第1季度国内生产总值同比增长6.4%，增速逐步趋于平稳。在这种情况下，中国应更加重视产业结构调整，以满足高质量的发展要求。创新是提高社会生产力和综合国力的战略支持。同时，它也是产业结构调整的内在动力。企业是研发投入和创新技术实施的主体。换言之，只有公司具有强大的创新能力，才能实现我国本土创新。……