高管团队外部社会资本对企业技术创新的影响——以高管激励为调节变量

The Influence of Top Management Team External Social Capital on Technology Innovation——Executive Incentive as Moderator Variables

摘要:

本文以2010-2015年A股上市公司为研究对象，分析了TMT外部社会资本对企业技术创新的影响及高管激励在这一关系中的调节作用。研究发现：（1）TMT政治资本对企业技术创新有负向影响，TMT商业资本和学术资本对企业技术创新有正向影响；（2）货币薪酬激励正向调节TMT政治资本与企业技术创新之间的关系，负向调节TMT商业资本和学术资本与企业技术创新之间的关系；（3）股权薪酬激励和声誉激励正向调节TMT政治资本、商业资本和学术资本与企业技术创新之间的关系；（4）控制权激励正向调节TMT商业资本和学术资本与企业技术创新之间的关系，对于TMT政治资本与企业技术创新关系不具有调节作用。

Abstract:

This article takes A-share listed companies from 2010 to 2015 as the research object, analyzes the impact of TMT external social capital on technology innovation and the regulatory role of executive incentive in this relationship. The findings are as follows: (1) TMT political capital has a negative impact on technology innovation, TMT business capital and academic capital have a positive impact on technology innovation; (2) Monetary compensation incentive plays a positive regulatory role in the relationship between TMT political capital and technology innovation, and plays a negative regulatory role in the relationship between TMT business capital and academic capital and technology innovation; (3) Equity incentive and reputation incentive plays a positive regulatory role in the relationship between TMT political capital, business capital and academic capital and technology innovation; (4) The control incentive plays a positive regulatory role in the relationship between TMT business capital and academic capital and technology innovation, and does not play a regulatory role in the relationship between TMT political capital and technology innovation.