Based on the data of mixed reform state-owned enterprises in Shanghai and Shenzhen stock markets from 2014 to 2019,empirical analysis found that equity incentives for senior executives,core technology and business personnel have significantly improved the innovation investment level of state-owned enterprises.The research results show that:non-state-owned equity checks and balances have a dual regulatory effect on the impact of executive equity incentive on innovation investment,especially in local state-owned enterprises.The impact of political promotion incentive on the relationship between equity incentive and innovation investment varies with the level of state-owned enterprises.In local mixed reform state-owned enterprises,it shows a positive regulatory effect,and in mixed reform central enterprises,it shows a negative regulatory effect.This study provides evidence that executive equity incentive affects enterprise innovation through corporate governance channels.
关键词
股权激励/创新投入/混合所有制改革/非国有股权制衡/公司治理
Key words
equity incentive/innovation input/mixed ownership reform/non-state-owned equity checks and balances/corporate governance
万方数据