Contextual Differences, Performance-based Equity Incentives and Corporate Innovation Capabilities: Based on Listed Companies in the Medical Device Industry

PDF(1152 KB)

Journal of Central University of Finance & Economics ›› 2023, Vol. 0 ›› Issue (9) : 72-82.

CHENG Yu, LI Li, WANG Xiang-qian, ZHANG Xin-ru, CHENG Xin-sheng

Author information +

History +

Abstract

The medical device industry is an important industry related to national health, and performance-based equity incentives are important measures to promote the compatibility of corporate incentives.This article uses data from listed companies in the Chinese medical device industry from 2010 to 2021 to explore the impact of performance-based equity incentives on corporate innovation under different situational differences. The conclusion indicates that performance-based equity incentives can promote enterprises to improve their innovation level in the medical device industry.Further research has found that the promoting effect of performance-based equity incentives on corporate innovation is influenced by situational differences.On the one hand, a larger scope of performance-based equity incentives covers the rights and interests of core employees, allowing more core employees to share the benefits of corporate growth.This not only reflects the fairness of incentives, but also helps enterprises achieve rapid development in a short period of time.On the other hand, the longer the exercise period of performance-based equity incentives, the higher the degree of interest compatibility, and thus the greater the impact on enterprise innovation.In addition, situational differences such as equity concentration ratio, management pay gap and enterprise life cycle will affect the implementation effect of performance-based equity incentive.This suggests that performance-based equity incentives should be combined with the specific situation of the industry and enterprise, and focus on combining them with other management and control tools, which can help to gather strength, enhance the enthusiasm of organizational members, and achieve innovative development of the enterprise.

Key words

Situational differences / Performance-based equity incentives / Enterprise innovation / Medical device industry

Cite this article

EndNote

Ris (Procite)

Bibtex

Download Citations

CHENG Yu, LI Li, WANG Xiang-qian, ZHANG Xin-ru, CHENG Xin-sheng. Contextual Differences, Performance-based Equity Incentives and Corporate Innovation Capabilities: Based on Listed Companies in the Medical Device Industry[J]. Journal of Central University of Finance & Economics, 2023, 0(9): 72-82

References

[1] 陈运佳, 吕长江, 黄海杰, 丁慧.上市公司为什么选择员工持股计划？——基于市值管理的证据[J].会计研究, 2020(5):91-103.
[2] 郑志刚, 雍红艳, 黄继承.员工持股计划的实施动机:激励还是防御[J].中国工业经济.2021(3): 118-134.
[3] 陈文哲, 石宁, 梁琪, 郝项超.股权激励模式选择之谜——基于股东与激励对象之间博弈分析[J].南开管理评论, 2021(1): 189-203.
[4] 刘宝华, 王雷.业绩型股权激励、行权限制和企业创新[J].南开管理评论, 2018(1):17-27.
[5] 孟庆斌, 李昕宇, 张鹏.员工持股计划能够促进企业创新吗？基于企业员工视角的经验证据[J].管理世界, 2019(1):209-225.
[6] 解维敏, 张恒鑫.自主创新还是技术引进:业绩型股权激励与企业创新策略[J].系统工程理论与实践, 2023(1):36-57.
[7] 肖星, 陈婵.激励水平、约束机制与上市公司股权激励计划[J].南开管理评论, 2013(1):24-32.
[8] 谢德仁, 陈运森.业绩型股权激励、行权业绩条件与股东财富增长[J].金融研究, 2010(2): 99-114.
[9] Bettis C,Bizjak J, Coles J, Kalpathy S.Performance-vesting Provisions in Executive Compensation[J].Journal of Accounting and Economics, 2018, 42(1):194-221.
[10] 田轩, 孟清扬.股权激励计划能促进企业创新吗[J].南开管理评论.2018(3):176-190.
[11] Hochberg Y, Lindsey L.Incentives, Targeting, and Firm Performance: An Analysis of Non-executive Stock Options[J].Review of Financial Studies, 2010, 23(11):4148-4186.
[12] Fang H,Nofsinger J, Quan J.The Effects of Employee Stock Option Plans on Operating Performance in Chinese Firms[J].Journal of Banking and Finance, 2015, 37(5):141-159.
[13] Chang X, Fu K, Low A, Zhang W.Non-executive Employee Stock Options and Corporate Innovation[J].Journal of Financial Economics, 2015, 115 (1):168-188
[14] 石琦, 肖淑芳, 吴佳颖.股票期权及其要素设计与企业创新产出——基于风险承担与业绩激励效应的研究[J].南开管理评论, 2020(2):27-38.
[15] 陈冬华, 范从来, 沈永建.高管与员工:激励有效性之比较与互动[J].管理世界, 2015(5): 160-171.
[16] Kim E H, Ouimet P.Broad-based Employee Stock Ownership: Motives and Outcomes[J].Journal of Finance, 2014, 69(3):1273-1319.
[17] 黄群慧, 余菁, 王欣, 邵婧婷.新时期中国员工持股制度研究[J].中国工业经济, 2014(7):5-16.
[18] 郭蕾, 肖淑芳, 李雪婧, 李维维.非高管员工股权激励与创新产出——基于中国上市高科技企业的经验证据[J].会计研究, 2019(7):59-67.
[19] 周冬华, 黄佳, 赵玉洁.员工持股计划与企业创新[J].会计研究, 2019(3):63-70.
[20] 李维安, 李汉军.股权结构、高管持股与公司绩效——来自民营上市公司的证据[J].南开管理评论, 2006(5):4-10.
[21] 余明桂, 夏新平.控股股东、代理问题与关联交易:对中国上市公司的实证研究[J].南开管理评论, 2004(6):33-38.
[22] 王雪莉, 马琳, 王艳丽.高管团队职能背景对企业绩效的影响:以中国信息技术行业上市公司为例[J].南开管理评论, 2013(4):80-93.
[23] Buylt B, Hendriks W.Top Management Team Functional Diversity and Firm Performance: The Moderating Role of CEO Characteristic[J].Journal of Management Studies, 2021, 48(1):151-177.
[24] 李莉, 程昱, 王向前, 徐晓丹, 程新生.绩效反馈与企业产研销投资分配决策——基于管理层心理认知视角[J].会计研究, 2022(10):844-863.
[25] 李绍龙, 龙立荣, 贺伟.高管团队薪酬差异与企业绩效关系研究:行业特征的跨层调节作用[J].南开管理评论, 2012(4):55-65.
[26] Dickinson V.Cash Flow Patterns as a Proxy for Firm Life Cycle[J].The Accounting Review,2011, 86(6):1969-1994.
[27] Kadan O, Swinkels J M.Stocks or Options? Moral Hazard, Firm Viability, and the Design of Compensation Contracts[J].The Review of Financial Studies, 2008, 21(1):451-482.
[28] Habib A, Hasan M M.Corporate Life Cycle Research in Accounting, Finance and Corporate Governance: A Survey, and Directions for Future Research[J].International Review of Financial Analysis, 2019, 61(3): 188-201.
[29] 程新生, 王向前.技术并购与再创新——来自中国上市公司的证据[J].中国工业经济, 2023(4):156-173.