| 刘倩,陆培中.财务柔性视角下高管薪酬对企业研发投入的影响研究——基于对医药制造业上市公司的分析[J].唐山学院学报,2020,32(6):79-86 |
| 财务柔性视角下高管薪酬对企业研发投入的影响研究——基于对医药制造业上市公司的分析 |
| Research on the Impact of Executive Compensation on Corporate R & D Investment from the Perspective of Financial Flexibility: Based on the Analysis of Listed Companies in the Pharmaceutical Manufacturing Industry |
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| DOI：10.16160/j.cnki.tsxyxb.2020.06.015 |
| 中文关键词: 医药制造业 财务柔性 研发投入 高管薪酬 |
| 英文关键词: pharmaceutical manufacturing industry financial flexibility R & D investment executive compensation |
| 基金项目:安徽省教育厅人文社科重点项目（SK2019A0626）；安徽省高等学校省级质量工程项目（2019cxtd105） |
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| 中文摘要: |
| 以2007-2018年沪深A股医药制造业上市公司为研究对象，在财务柔性的视角下，探讨高管薪酬与企业研发投入之间的关系。研究表明，高管货币薪酬对研发投入具有显著正向影响；高管股权薪酬对研发投入具有显著负向影响；财务柔性加剧了高管货币薪酬对企业研发投入的促进作用，且加剧了高管股权薪酬对企业研发投入的阻碍作用。根据研究结论，建议医药企业应该加大创新投入、拓宽融资渠道、建立合理的高管薪酬方案、强化研发投入监管等，以保证企业在激烈的竞争中稳健发展。 |
| 英文摘要: |
| With Shanghai and Shenzhen A-shares listed companies in pharmaceutical industry from 2007 to 2018 as the research object, the authors explore the relationship between executive compensation and corporate R & D investment from the perspective of financial flexibility. The research shows that: executive monetary compensation has a significantly positive impact on R & D investment, while the equity compensation has a significantly negative impact; the financial flexibility will increase the promotion of executive monetary compensation for corporate R & D investment, and increase the hindrance of equity compensation. Based on the research results, this paper proposes that pharmaceutical companies should improve innovation investment, broaden financing channels, establish a reasonable executive compensation plan, and strengthen R & D investment supervision, so as to keep a sound development in the severe competition. |
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