核心员工股权激励对企业创新绩效的影响研究

高奕航

摘 要：   经济新常态下，创新驱动发展已成为我国对整体经济的重要指引。作为知识、技术密集型群体，高新技术企业对创新的需求更为迫切。股权激励是帮助企业提振业绩的有效工具之一，国内大量高新技术企业已开始将股权激励重心对象由高管转向核心员工。论文聚焦苏浙沪地区高新技术企业，结合委托代理、激励和创新理论，运用双重差分的固定效应模型实证检验。结果表明，核心员工股权激励能够正向影响企业的创新绩效。进一步分析发现，股权激励方案中核心员工-高管相对激励强度会影响方案的激励效果，向核心员工倾斜的方案效果更佳。此外，与限制性股票相比，股票期权的激励作用更为显著。研究结论为高新技术企业设计股权激励方案提供了参考。

关键词：  高新技术企业；股权激励；核心员工；创新绩效

中图分类号：  F 292.92；F 273.1

文献标志码：   A

The Impact of Equity Incentive for Core Employees onInnovation Performance： Based on High-Tech Enterprisesin Jiangsu， Zhejiang and Shanghai

GAO Yihang

（School of Business and Management， Shanghai International Studies University， Shanghai 201620， China）

Abstract：  Under the new normal of economy， innovation-driven development has become an important guideline for the overall economy in China. As a knowledge and technology-intensive group， high-tech enterprises have a more urgent need for innovation. Equity incentive is one of the effective tools to help enterprises boost their performance， many high-tech enterprises in China have started to shift the focus of equity incentive for executives to core employees. The paper focuses on high-tech enterprises in Jiangsu， Zhejiang and Shanghai regions， and combines agent， incentive and innovation theories， using The difference-in-difference model to test empirically. The results show that the core employees equity incentives can positively affect the innovation performance of the enterprises. Further analysis reveals that the relative incentive intensity of executive and employee in equity incentive programs affects the incentive effect， and the programs that favor core employees have better effect. In addition， the incentive effect of stock options is more significant compared with restricted stock. The findings of the study provide a reference for high-tech enterprises to design their equity incentive programs.

Key words：  high-tech enterprises; equity incentive; key employees; innovation performance

1 理論分析与研究假设

1.1 核心员工股权激励与高新技术企业创新

在高新技术企业中，核心员工属于高知识人群，直接负责公司的产品技术研发、项目管理、营销等业务，对企业创新绩效有重要影响。在创新理论背景下，随着市场发展与产品变化，创新难度增长与知识依赖性的增强也造成了此类专业群体具有较高的知识壁垒。核心员工的知识壁垒过高，会与经营者、股东之间存在大量非对称信息，从而造成企业利益无法最大化，进而增加代理成本负担。因此，公司所有者需要通过设计最优契激励以削弱代理成本。……