激励
业务
衡平法
库存(枪支)
投资(军事)
产业组织
财务
经济
市场经济
机械工程
政治
政治学
法学
工程类
作者
Lanlan Mei,Tim Hsin-ting Hu,Zhouheng Mao,Zehao Wang
标识
DOI:10.1016/j.frl.2023.104556
摘要
Taking the industry life cycle as a perspective, this paper selects A-share listed companies in Shanghai and Shenzhen from 2016 to 2022 as a sample to explore the impact of listed companies' equity incentive characteristics on the level of corporate innovation. It is found that: incentive characteristics have a significant impact on corporate innovation investment, and stock options promote R&D investment more obviously than restricted stocks; stock options promote corporate innovation investment level only in growing and mature industries; in the mature period of the industry, equity incentives of growing companies have a positive role in promoting innovation investment.
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