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创新是推动经济高质量发展的核心驱动力，企业作为创新的主体，提升其创新能力不仅是其自身可持续发展的需要，更是国家实施创新驱动发展战略的核心支撑。本文以2015-2023年创业板上市企业为样本，基于双向固定效应模型，运用机制分析、异质性分析，研究高管股权激励对企业创新影响，并探讨风险投资在高管股权激励与企业创新关系中的调节作用。研究发现：高管股权激励能够显著提高企业的创新产出；风险投资在高管股权激励与企业创新的关系中发挥了正向调节作用。异质性分析表明：当企业拥有有学术、海外或技术背景的高管时，风险投资的调节效应能更好的实现；大规模企业相比小规模企业更能发挥好风险投资的积极作用。最后，为我国创业板企业创新效能提升提供理论支持，并为政策制定者完善股权激励监管体系、引导风险投资功能发挥提供决策参考。
Abstract：Innovation is the core driving force for high-quality economic development. As the main body of innovation, enterprises need to enhance their innovation capabilities not only for their own sustainable development but also as the core support for the country's implementation of the innovation-driven development strategy. This paper takes the listed companies on the Growth Enterprise Market from 2015 to 2023 as samples, and based on the two-way fixed effect model, uses mechanism analysis and heterogeneity analysis to study the impact of executive equity incentives on enterprise innovation, and explores the moderating role of venture capital in the relationship between executive equity incentives and enterprise innovation. The research finds that executive equity incentives can significantly increase the innovation output of enterprises; venture capital plays a positive moderating role in the relationship between executive equity incentives and enterprise innovation. Heterogeneity analysis shows that when enterprises have executives with academic, overseas or technical backgrounds, the moderating effect of venture capital can be better realized; large-scale enterprises can better leverage the positive role of venture capital compared to small-scale enterprises. Finally, this paper provides theoretical support for improving the innovation efficiency of China's Growth Enterprise Market listed companies and offers decision-making references for policymakers to improve the equity incentive regulatory system and guide the functional play of venture capital.
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(1)篇幅原因,描述性统计结果暂未展示,备索。
(2)篇幅原因,稳健性检验结果暂未展示,备索。
(3)篇幅原因,规模异质性分析结果暂未展示,备索。
基本信息:
DOI：10.19895/j.cnki.fdr.2025.06.005
中图分类号:F832.51;F272.92;F273.1
引用信息:
[1]程怡,张磊,韩瑾.高管股权激励对企业创新的影响研究——基于风险投资的调节效应[J].金融发展评论,2025,No.186(06):79-94.DOI:10.19895/j.cnki.fdr.2025.06.005.
基金信息:
陕西省创新能力支撑计划项目(项目编号:2024ZC-YBXM-070)