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以促进技术创新为主旨的价值创造是衡量公司治理有效性的重要维度,本文运用2011-2014年的中国上市公司平衡面板数据,从价值分配与价值创造的视角分析创新绩效与经理人薪酬及声誉水平的关系。结果表明:财务绩效与经理人薪酬水平显著正相关,对经理人声誉却没有显著影响;创新绩效对经理人薪酬及声誉能够产生影响,但不同类型的创新绩效作用有所差异,突破性创新产出越多,经理人声誉水平越高,渐进性创新产出越多,经理人薪酬水平越高;产权性质对上述两组关系具有显著的调节效应。因此,通过经理人薪酬及声誉契约的合理设计,以引导其进行有效的技术创新决策是提高企业创新能力的重要途径。
The value creation based on the promotion of technological innovation is an important dimension to measure the effectiveness of corporate governance. Based on the panel data of Chinese listed companies from 2011 to 2014, this paper analyzes the relationship between innovation performance and manager’s salary and reputation from the perspective of value distribution and value creation Horizontal relationship. The results show that financial performance has a significant positive correlation with manager’s salary level, but has no significant influence on manager’s reputation. Innovation performance can affect manager’s salary and reputation, but different types of innovation performance have different effects. The higher the reputation, the higher the manager’s reputation level, the more gradual innovation output, the higher the salary level of managers; the nature of property rights has a significant regulatory effect on the above two groups of relations. Therefore, through the rational design of the manager’s salary and reputation contract, to lead them to make effective technological innovation decision-making is an important way to improve the enterprise’s innovation ability.