谁才是企业创新的真正主体高管人员还是核心员工

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1、谁才是企业创新的真正主体:高管人员还是核心员工4?浙江财经大学会计学院如何优化人力资本激励制度以提高企业的创新能力已成为公司治理领域的热点话题之一。本文关注2006-2015年实施核心员工持股计划和股权激励计划的A股非金融类上市公司，通过对比核心员工持股与高管人员股权激励，试图回答这两种激励机制谁才是企业创新激励效应的主体。研究发现:核心员工持股显著提高了企业的创新能力;核心员工持股的创新激励效应显著高于高管人员的股权激励;相较于高管人员股权激励，核心员工持股通过缩小核心员工与高管人员之间的薪酬差距，降低了高管人员与核心员工之间的代理成本，提高了企业的创新能

2、力。上述研究不仅有助于从理论上寻找企业创新能力的源泉，也为我国混合所有制企业推广实施核心员工持股计划的激励制度改革提供了理论依据和政策参考。关键词：高管人员股权激励;核心员工持股;企业创新;薪酬差距;陈效东，浙江财经大学会计学院讲师、，310018。基金：教育部人文社科基金一般项目“管理层股权激励的动机识別及实施效果的差异化研宄”(16YJC630009)WhoistheRealInnovator:ExecutiveorCoreEmployee?EvidencefromtheRelationshipbetweenHumanCapitalIncentiveSy

3、stemandFirmInnovationCHENXiaodongZhejiangUniversityofFinanceandEconomics;Abstract：Howtooptimizethehumancapitalincentivemechanismtoimprovefirminnovationhasbecomeoneofthehottesttopicsoncorporategovernanceandcorporatefinance.Bycomparingthecoreemployeestockownershipplan(ESOP)andexecuti

4、veequityincentive,thispaperattemptstoanswerwhoisthemaininnovatorinfirminnovation.FocusingontheimplementationofthecoreESOPandexecutive’sequityincentiveplansinthenon-financiallistedcompaniesofA-sharefrom2006to2015，thispapermainlyanswersthefollowingquestions:Cancoreemployeestockowners

5、hipplanimprovefirminnovation?Comparedtotheexecutiveequityincentive,whethercoreESOPisthemaininnovatoroftheincentiveeffectoffirminnovation?WhatistheinfluencepathbetweencoreESOPandfirminnovation?Weshowthat(1)thecoreESOPcanimprovetheabilityoffirminnovation;(2)theincentiveeffectofthecor

6、eESOPissignificantlyhigherthanthatofexecutiveequityincentive;(3)Comparedtotheequityincentivescheme,thecoreESOPcanreducetheagencycostsbetweenexecutivesandcoreemployees,andimprovefirminnovationbynarrowingthepaygapbetweencoreemployeesandexecutives.Theseresultsarehelpfultofindthesource

7、offirminnovationintheoretically,andtoprovidetheoreticalbasisandpolicyreferencesforthepromotionoftheimplementationofcoreESOPinChinesemixedownershipcompanies.Keyword：CEOEquityIncentives;CoreESOP;FirmInnovation;CompensationDispersion;一、引言创新能力既是促进经济持续增长的动力，也是企业应对日益严峻的外部环境保持竞争优势的重要源泉（Ba

8、umol等，2007）。具体对企业而言，持续的创新能