School of Accounting, Southwestern University of Finance and Economics, Chengdu, China.
School of Finance, Southwestern University of Finance and Economics, Chengdu, China.
PLoS One. 2023 Jan 23;18(1):e0277965. doi: 10.1371/journal.pone.0277965. eCollection 2023.
We examine whether equity incentive can encourage exploratory innovation from the perspective of dynamic innovation decision-making process. Using the data of equity incentives in China's listed companies from 2006 to 2017, we construct exploratory intensity of innovation strategy and analyze the impact of equity incentive on corporation exploratory innovation strategy from both the cross-sectional and time-series perspectives. We find a positive relationship between the vesting period and explorative innovation strategy in the cross-sectional dimension. However, the time-series analyses show that the innovation strategy becomes less explorative and more exploitative after the third period during equity incentive. The effect of vesting period is stronger in smaller firms and during the non-financial crisis period. Further analysis reveals that followed by the changes in innovation strategy, the growth rates of innovation output and firm performance also decline.
我们从动态创新决策过程的角度考察了股权激励是否能够鼓励探索性创新。利用中国上市公司 2006 年至 2017 年股权激励的数据，我们构建了创新战略的探索性强度，并从横截面和时间序列两个角度分析了股权激励对公司探索性创新战略的影响。我们发现，在横截面维度上，股权激励的行权期与探索性创新战略之间存在正相关关系。然而，时间序列分析表明，在行权期后第三个时期，创新战略变得不那么具有探索性，而更具开发性。在行权期较短和非金融危机时期，这种影响更为显著。进一步的分析表明，随着创新战略的变化，创新产出和公司业绩的增长率也随之下降。
