中国制造业企业的创新活动_所有制和CEO激励的作用

中国制造业企业的创新活动:所有制和CEO激励的作用*李春涛宋敏:本文利用世界银行在中国18个城市1483家制造业企业的调查数据,研究了不同所有制结构下经理人薪酬激励对企业创新投入和产出两方面的影响文章分别用企业研发参与研发投资密度和几个创新产出指标,在控制了一系列影响创新的因素之后,得出了如下的主要结论:(1)无论从投入还是产出看,国有企业都更具有创新性;(2)对CEO的薪酬激励能促进企业进行创新;(3)国有产权降低了激励对创新的促进作用用工具变量控制内生性以后,以上结论依然成立:所有制创新薪酬激励*,,,:100081,:[e-mail];,,:[e-mail],,2006GDP257%,2004318%,:(,2006),,,,90,GDP06%,,200009%200513%,,,,Linetal(2009),Linetal(2009),2003181483,CEOCEOCEOLinetal(2009),,,:;;;5520105,:(1)FDI,(2004)(2005)(2006);(2),,(2005)(2006),;(3),(2005)(2006),,,,,(2009),,,,(2009)20022006436,R&DLinetal(2009),CEOLinetal(2009),CEO,,CEO()Atkinson&Stiglitz(1980),,,,Hu(2001),,,,,,,,,(2009),(2006),,,(2005),,,,:1:()CEO,,,,,,,,,,,,,(Tosietal,2000)-CEO,(Colesetal,2006),,56::CEOBalkinetal(2000)90CEO,,CEO;Colesetal(2006),,CEO();Lerner&Wulf(2007),,,,,,(2009)20022006436,R&DLinetal(2009)CEO,,:2:CEO,,Shleifer&Vishny(1994,1997),,,,,,,,(Megginson,2005),,,,,,,:3:CEO,,(,2007)(Tassey,1991),,,Linetal(2009),()!∀(BEEPS),2003,,,,,,CEO2002,16164848(0)10,4345,200214625720105表1不同城市样本企业研发创新比较城市样本数研发决策研发密集度新产品销售新产品发明新工艺开发杭州19307050014020606680627重庆29506410020022606270624武汉29005310015014204720452西安26305250018012804410468江门18704970014008502410316长春29404930015016205780531深圳17504340014016704740469大连18204230017010404010379温州18004170005015604780511南昌29003660010014203760469长沙26703410013016504980472贵阳22603230018009203410522南宁23502600013005702600332郑州28902490008011602770339哈尔滨27202460015012603380489昆明27502070003005202690269兰州24601910009005601830232本溪18601610012009102420263合计434503880013012704000434118,,(R&D0)27,(R&DSales)(NpSales),39%,13%,,,,:(1),70%,16%;(2),,1,,()1,(R&DDecision)(R&DSales),R&DDecision1,0(R&DSales),0(NPSales)(NPD)(NewProcess)2,,CEO,50%58::CEOOECD(1997),Katila(2002),,,(SOE),CEOCEO(CEOShare)CEO(Incentive)(2009)CEO,CEO,CEO,CEO,,Linetal(2009),CEO1,;Incentive,CEO,1,0,,,,(ProfitInc)(SalesInc),(),()1,0SOE,,SOE#CEOShare0,CEO,,3,CEO3:,(ROA);,(LaborEdu),,,1,0;(FirmSize)∃;(FirmAge),,,,Comp-11,Comp-2Comp-4,4671516100,100,,,,表2主要解释变量基本统计指标(样本数:4345)变量均值标准差最小值最大值CEOShare0079016700000693Incentive0248043200001000ProfitInc0190039200001000SalesInc0039019400001000LaborEdu0524049900001000ROA00150081-01610223FirmSize50841366230310001FirmAge1469314088000052000()2,,1,2,CEO8%,,,14CEO5920105∃(2006)10800,,U,,,,,()312;34CEO;t,,34%,54%,t,,,70%,CEO,,,,,t表3不同CEO激励机制和不同所有制下企业创新性比较无薪酬激励有薪酬激励CEO不持股CEO持股国有民营样本数32671078316411818033542研发投资密度(R&DSales)00110019***00100021***00090014**研发决策(R&DDecision)03400535***03670445***04070384新产品销售(NPSales)01150165***01190150***01210129新产品发明(NPD)03560534***03790459***04260395*新工艺开发(NewProcess)03890571***04060508***04170438,41,,,03,,表4皮尔逊相关系数R&DSalesNPSalesNewprocessCEOShareIncentiveProfitIncSalesIncROALaborEduFirmSizeNPSales0119*Newprocess0117*0355*CEOShare0076*00240060*Incentive0069*0094*0158*0006ProfitInc0055*0101*0145*00080842*SalesInc0030*00130052*-00220352*-0098*ROA00040117*0144*0081*0102*0100*0006LaborEdu0099*0121*0178*-0073*0048*0061*-00020028FirmSize00070173*0229*-0145*0127*0129*000600290133*FirmAge-0054*-0026-0037*-0202*-0091*-0090*0002-0208*-00070278*:*5%()1ProbitTobitCEO,Probit:Pr(=1)=(X)60::CEO=(,,#,,,),(%);(ROA)(LaborEdu)(FirmSize)(FirmAge);5Probit,Probit,,,,0(censoredvariable),Tobit5Tobit5,t,******1%5%10%(,)Probit,CEO,,SOE,10%,1CEOshareIncentive,1%,CEO2,SOE,5%,,(2)(1),(Incentive)(ProfitInc)(SalesInc),,CEO,(SalesInc)072,(ProfitInc)(036),,,Linetal(2009),,2,CEOCEO,,,,CEO(ROA)1%,,,,,,,,,Probit,5TobitProbit,SOE,Probit,,1,(incentive)CEO(ownership)(3),CEO,(4),,6120105Linetal(2009),,CEO,,CEO,,,,,CEO,,,,,CEO表5研发投资的Probit和Tobit模型(1)(2)(3)(4)ProbitProbitTobitTobitSOE01094010600007700077(1555)(1518)(1762)*(1780)*CEOShare05781059510068100693(4069)***(4195)***(5142)***(5227)***SOE#CEOShare-00426-00426-00036-00036(2051)**(2049)**(2801)***(2809)***Incentive0394900269(7090)***(5672)***SOE#Incentive-02803-00264(2181)**(3562)***ProfitInc0355700247(5755)***(4643)***SOE#ProfitInc-02464-00253(1687)*(3110)***SalesInc0721100417(5843)***(5049)***SOE#SalesInc-05449-00418(2124)**(2717)***ROA17553177070050400511(6052)***(6098)***(2439)**(2473)**FirmSize02946029600011700117(15440)***(15479)***(7810)***(7844)***LaborEdu04154041590026100262(8715)***(8725)***(6515)***(6532)***FirmAge-00049-00050-00004-00004(2659)***(2696)***(2977)***(3034)***市场竞争行业城市常数项-31563-31757-01958-01969(17808)***(17902)***(9765)***(9787)***样本数43454345434543452,,:(1);(2);(3)5,,,,Fisman&Svensson(2007)-,,,,,,,Fisman&Svensson(2007)CEO(CEOShare)(Incentive)(ProfitInc)(SalesInc)-,ROA,ROA-6ProbitTobit1,,SOE,,,62::CEOBEEPS8,,,60,1860-表6对研发投资密度和研发参与的工具变量回归(1)(2)(3)(4)IVProbitIVProbitIVTobitIVTobitSOE02839024830023400200(3352)***(2978)***(3694)***(3247)***CEOShare21925169390192801376(5619)***(5634)***(6662)***(6240)***SOE#CEOShare-00630-00505-00050-00039(1481)(1318)(1717)*(1457)Incentive0487100416(3646)***(4290)***SOE#Incentive-04066-00437(2265)**(3380)***ProfitInc0140900254(0855)(2149)**SOE#ProfitInc-01009-00280(0478)(1872)*SalesInc1828901403(5859)***(6148)***SOE#SalesInc-16788-01391(4324)***(4815)***ROA3986