高管激励与技术创新关系研究前沿探析与未来展望
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外国经济与管理 2013 年 第 35 卷第 06 期, 页码：23 - 32
摘要
参考文献
摘要
随着创新经济学理论体系的拓展与公司治理理论的演进,高管激励与技术创新的关系逐渐受到学者们的关注。本文从直接关联观、动态权变观与系统整合观三个视角出发,系统梳理了高管激励与技术创新关系的研究脉络,对基于这三个视角的研究文献进行了述评,并从理论基础、研究思路、核心关切等方面对这三个视角的研究进行了较为系统的比较,最后在深入剖析现有研究仍存在的不足的基础上,对未来研究进行了展望。
③这些专利数据主要援引自美国国家经济研究局(National Bureau of Economic Research,NBER)数据库。
[1]Aguilera R V and Jackson G.The cross-national diversity of corporate governance:Dimensions and determinants[J].Aca-demic of Management Review,2003,28(3):447-465.
[2]Balkin D B,et al.Is CEO pay in high-technology firms related to innovation?[J].Academy of Management Journal,2000,43(6):1118-1129.
[3]Banker R,et al.Equity incentives and long-term value created by SG&A expenditure[J].Contemporary Accounting Re-search,2011,28(3):794-830.
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[9]Chen M-Y.Managerial compensation and R&D investments:The role of the external managerial labor market[J].Interna-tional Review of Applied Economics,2010,24(5):553-572.
[10]Cho S.Agency costs,management stockholding,and research and development expenditures[J].Seoul Journal of Economics,1992,5(2):127-152.
[11]Dale-Olsen H.Executive pay determination and firm per-formance:Empirical evidence from a compressed wage envi-ronment[J].Manchester School Journal,2012,80(3):355-376.
[12]Edmans A,et al.Dynamic CEO compensation[J].Journal of Finance,2012,67(5):1603-1647.
[13]Filatotchev I and Allcock D.Corporate governance and executive remuneration:A contingency framework[J].Academy of Manage-ment Perspectives,2010,24(1):20-33.
[14]Fong E A.Relative CEO underpayment and CEO behavior towards R&D spending[J].Journal of Management Studies,2012,47(6):1095-1122.
[15]Francis J and Smith A.Agency costs and innovation:Some empirical evidence[J].Journal of Accounting and Economics,1995,19(2):383-409.
[16]Hellmann T and Thiele V.Incentives and innovation:A mul-titasking approach[J].American Economic Journal:Micro-economics,2011,3(1):78-128.
[17]Holthausen R W,et al.Business unit innovation and the struc-ture of executive compensation[J].Journal of Accounting and Economics,1995,19(2-3):279-313.
[18]Hoskisson R E,et al.Complementarity in monitoring and bonding:More intense monitoring leads to higher executive compensation[J].Academy of Management Perspectives,2009,23(2):57-74.
[19]Jensen M C and Meckling W H.Theory of the firm:Manage-rial behavior,agency costs and ownership structure[J].Jour-nal of Financial Economics,1976,3(4):305-360.
[20]Jensen M C and MurPhy K J.CEO incentives-It’s not how much you pay,but how[J].Harvard Business Review,1990,68(3):138-149.
[21]Jing D and Gou Y-N.Corporate governance structure,manage-rial discretion,and the R&D investment in China[J].Inter-national Review of Economics&Finance,2010,19(2):180-188.
[22]Lazonick W.The US stock market and the governance of in-novative enterprise[J].Industrial and Corporate Change,2007,16(6):983-1035.
[23]Lerner J and Wulf J.Innovation and incentives:Evidence from corporate R&D[J].Rev.Econ.Stat.,2007,89(4):634-644.
[24]Lin C,et al.Managerial incentives,CEO characteristics and corporate innovation in China’s private sector[J].Journal of Comparative Economics,2011,39(2):176-190.
[25]Makri M,et al.CEO incentives,innovation,and performance in technology-intensive firms:A reconciliation outcome and behavior-based incentive schemes[J].Strategic Management Journal,2006,27(11):1057-1080.
[26]Manso G.Motivating innovation[J].Journal of Finance,2011,66(5):1823-1860.
[27]Morck R,et al.Management ownership and market valuation:An empirical analysis[J].Journal of Financial Economics,1988,20(1/2):293-315.
[28]O’Sullivan M.The innovation enterprise and corporate go-vernance[J].Cambridge Journal o f Economics,2000,24(4):393-416.
[29]Ryan H E Jr.and Roy A.The interactions between R&D in-vestment decisions and compensation policy[J].Financial Management,2002,31(1):5-29.
[30]Tien C-L and Chen C-N.Myth or reality?Assessing the moderating role of CEO compensation on the momentum of innovation in R&D[J].International Journal of Human Re-source Management,2012,23(13):2763-2784.
[31]Wu J-F and Tu R-T.CEO stock option pay and R&D spen-ding:A behavioral agency explanation[J].Journal of Busi-ness Research,2007,60(5):482-492.
[32]Xue Y-F.Make or buy new technology:The role of CEO compensation contract in a firm’s route to innovation[J].Re-view of Accounting Studies,2007,12(4):659-690.
[33]李春涛,宋敏.中国制造业企业的创新活动:所有制和CEO激励的作用[J].经济研究,2010,(5):55-67.
[34]徐宁,徐向艺.控制权激励双重性与技术创新动态能力——基于高科技上市公司面板数据的实证研究[J].中国工业经济,2012,(10):109-121.
[1]Aguilera R V and Jackson G.The cross-national diversity of corporate governance:Dimensions and determinants[J].Aca-demic of Management Review,2003,28(3):447-465.
[2]Balkin D B,et al.Is CEO pay in high-technology firms related to innovation?[J].Academy of Management Journal,2000,43(6):1118-1129.
[3]Banker R,et al.Equity incentives and long-term value created by SG&A expenditure[J].Contemporary Accounting Re-search,2011,28(3):794-830.
[4]Baranchuk N,et al.Motivation innovation in newly public firms[R].Working Paper(Electronic copy available at:ht-tp://ssrn.com/abstract=1784024),2011,March11.
[5]Barros H M and Lazzarini S G.Do organizational incentives spur innovation?[J].Brazilian Administration Review,2012,9(3):308-328.
[6]Belloc F.Corporate governance and innovation:A survey[J].Journal of Economic Surveys,2012,26(5):835-864.
[7]Bens D,et al.Real investment implications of employee stock option exercises[J].Journal of Accounting Research.2002,40(2):359-393.
[8]Bulan L and Sanyal P.Incentivizing managers to build innova-tive firms[J].Annals of Finance2011,7(2):267-283.
[9]Chen M-Y.Managerial compensation and R&D investments:The role of the external managerial labor market[J].Interna-tional Review of Applied Economics,2010,24(5):553-572.
[10]Cho S.Agency costs,management stockholding,and research and development expenditures[J].Seoul Journal of Economics,1992,5(2):127-152.
[11]Dale-Olsen H.Executive pay determination and firm per-formance:Empirical evidence from a compressed wage envi-ronment[J].Manchester School Journal,2012,80(3):355-376.
[12]Edmans A,et al.Dynamic CEO compensation[J].Journal of Finance,2012,67(5):1603-1647.
[13]Filatotchev I and Allcock D.Corporate governance and executive remuneration:A contingency framework[J].Academy of Manage-ment Perspectives,2010,24(1):20-33.
[14]Fong E A.Relative CEO underpayment and CEO behavior towards R&D spending[J].Journal of Management Studies,2012,47(6):1095-1122.
[15]Francis J and Smith A.Agency costs and innovation:Some empirical evidence[J].Journal of Accounting and Economics,1995,19(2):383-409.
[16]Hellmann T and Thiele V.Incentives and innovation:A mul-titasking approach[J].American Economic Journal:Micro-economics,2011,3(1):78-128.
[17]Holthausen R W,et al.Business unit innovation and the struc-ture of executive compensation[J].Journal of Accounting and Economics,1995,19(2-3):279-313.
[18]Hoskisson R E,et al.Complementarity in monitoring and bonding:More intense monitoring leads to higher executive compensation[J].Academy of Management Perspectives,2009,23(2):57-74.
[19]Jensen M C and Meckling W H.Theory of the firm:Manage-rial behavior,agency costs and ownership structure[J].Jour-nal of Financial Economics,1976,3(4):305-360.
[20]Jensen M C and MurPhy K J.CEO incentives-It’s not how much you pay,but how[J].Harvard Business Review,1990,68(3):138-149.
[21]Jing D and Gou Y-N.Corporate governance structure,manage-rial discretion,and the R&D investment in China[J].Inter-national Review of Economics&Finance,2010,19(2):180-188.
[22]Lazonick W.The US stock market and the governance of in-novative enterprise[J].Industrial and Corporate Change,2007,16(6):983-1035.
[23]Lerner J and Wulf J.Innovation and incentives:Evidence from corporate R&D[J].Rev.Econ.Stat.,2007,89(4):634-644.
[24]Lin C,et al.Managerial incentives,CEO characteristics and corporate innovation in China’s private sector[J].Journal of Comparative Economics,2011,39(2):176-190.
[25]Makri M,et al.CEO incentives,innovation,and performance in technology-intensive firms:A reconciliation outcome and behavior-based incentive schemes[J].Strategic Management Journal,2006,27(11):1057-1080.
[26]Manso G.Motivating innovation[J].Journal of Finance,2011,66(5):1823-1860.
[27]Morck R,et al.Management ownership and market valuation:An empirical analysis[J].Journal of Financial Economics,1988,20(1/2):293-315.
[28]O’Sullivan M.The innovation enterprise and corporate go-vernance[J].Cambridge Journal o f Economics,2000,24(4):393-416.
[29]Ryan H E Jr.and Roy A.The interactions between R&D in-vestment decisions and compensation policy[J].Financial Management,2002,31(1):5-29.
[30]Tien C-L and Chen C-N.Myth or reality?Assessing the moderating role of CEO compensation on the momentum of innovation in R&D[J].International Journal of Human Re-source Management,2012,23(13):2763-2784.
[31]Wu J-F and Tu R-T.CEO stock option pay and R&D spen-ding:A behavioral agency explanation[J].Journal of Busi-ness Research,2007,60(5):482-492.
[32]Xue Y-F.Make or buy new technology:The role of CEO compensation contract in a firm’s route to innovation[J].Re-view of Accounting Studies,2007,12(4):659-690.
[33]李春涛,宋敏.中国制造业企业的创新活动:所有制和CEO激励的作用[J].经济研究,2010,(5):55-67.
[34]徐宁,徐向艺.控制权激励双重性与技术创新动态能力——基于高科技上市公司面板数据的实证研究[J].中国工业经济,2012,(10):109-121.
引用本文
徐宁, 王帅. 高管激励与技术创新关系研究前沿探析与未来展望[J]. 外国经济与管理, 2013, 35(6): 23–32.
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