高管激励契约整合与中小上市公司成长:基于技术创新动态能力的中介效应

通过合理的激励契约结构设计，使高管以公司长期价值创造为导向是提高中小上市公司技术创新能力、促进其可持续成长的必要途径。本项目以技术创新动态能力的形成与构建为基础，深入探究与系统阐释薪酬激励、股权激励、控制权激励与声誉激励等不同高管激励契约的整合效应及其中小上市公司成长的作用机理。首先，以创新经济学与动态能力理论为基础，构建"技术创新动态能力"核心概念，并对其进行理论释义与维度解构。然后，基于整合视角的研究框架，运用模型构建与双重差分估计等方法，对高管激励契约的整合效应进行识别与验证。继而，以技术创新动态能力作为中介变量，构建有中介的调节模型，运用GMM模型估计等方法，深入探讨如何通过高管激励契约的配置与交互作用，对中小上市公司的持续成长产生促进效应。最后，以技术创新动态能力构建为导向，对高管激励整合结构的合理设计提出政策建议，以期为中小上市公司追求持续成长与长期价值提供有益参考。

By means of designing reasonable executive incentive contract structure, the executives will pay more attention to the company's long term value-creation. That is an essential way for the small and medium listed companies to improve technologic innovation capability and maintain sustainable development. We will research on the integrated effect of different executive incentive contract (including monetary incentive, equity incentive, control rights incentive, and reputation incentive) on the growth of these companies based on the establishment of technologic innovation dynamic capability. First of all, we create a new concept"technologic innovation dynamic capability"on the basis of innovation economy and dynamic capability theory. And we paraphrase and deconstruct that concept by theoretical and empirical methods. Then based on the research frame at the perspective of integration and by adopting model establishment method and DID analysis, we identify and test the integration effect of executive incentives. Next, we establish mediated-moderation model by using technologic innovation dynamic capability as the mediate variable. And then we test the positive effect of executive incentive contract integration and interaction on the growth of small and medium listed companies by adopting GMM model. Finally, we propose the suggestions for the small and medium listed companies to establish technologic innovation dynamic capability in order to provide beneficial consults for the small and medium listed companies to pursue long term value and sustainable development.