论文部分内容阅读
高管人员股权激励计划对企业创新活动的推动作用是当前战略管理领域的一个主要问题。基于财务灵活性的视角寻找中心城市和远离中心城市的上市公司在CTO股权激励与创新投入间关系的差异。结果表明,地处中心城市的公司CTO持股与创新投入的正向关系显著高于远离中心城市的公司,且其自由现金流表现出更为显著的中介效应。这可以理解为中心城市的公司对财务灵活性要求程度不高,融资约束少,受到股权激励的高管更愿意运用自由现金流来增加企业的创新投入。本文验证了不同地区上市公司对财务灵活性要求的差异及其对CTO股权激励与企业创新投入关系的影响,为从财务视角开展该领域的研究提供了有益的探索和重要支持。
The role of executive incentive stock option in promoting enterprise innovation activities is a major issue in the field of strategic management. Differences in the Relationship between CTO Equity Incentives and Innovative Investment Based on the Financial Flexibility Perspective of Looking for Listed Corporations in Central Cities and Far Away from Central Cities. The results show that the positive relationship between the ownership of CTOs and innovation inputs of the company located in the central city is significantly higher than that of the company far away from the central city, and its free cash flow shows a more significant intermediary effect. This can be interpreted as that firms in central cities are less demanding on financial flexibility, less financially constrained, and equity-motivated executives are more willing to use free cash flow to increase their innovation investment. This paper verifies the difference of financial flexibility requirements of listed companies in different regions and their impact on the relationship between CTO equity incentive and innovation investment and provides useful exploration and important support for the research in this field from the financial perspective.