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Does the Pay Gap in the Top Management Team Incent Enterprise Innovation?—Based on Property Rights and Financing Constraints

机译:高管团队的薪酬差距是否会激励企业创新?-基于产权和融资约束

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Using the patent applications data of listed firms in China from 2005 to 2014, this paper examines how the pay gap in the top management team influences enterprise innovation. The result shows that the number of patent applications especially the number of patents for invention increases significantly when the pay gap enlarges. It means the enlargement of the pay gap in the top management team could incent executives to make innovation decisions, to promote outputs of high-quality patents for invention. Finally the quality of enterprise innovation has been improved. Especially, the incentive effect of the pay gap in the top management team is more significant in private enterprises and enterprises with strong financing constraints. Therefore, enterprises in these two groups have better innovation behaviors.
机译:本文使用2005年至2014年中国上市公司的专利申请数据,研究了高层管理团队中的薪酬差距如何影响企业创新。结果表明,当薪酬差距扩大时,专利申请的数量,特别是发明专利的数量显着增加。这意味着最高管理团队中薪酬差距的扩大可以激励高管人员做出创新决策,促进高品质发明专利的产出。最终,企业创新的质量得到了提高。尤其是,在私营企业和资金紧张的企业中,高层管理人员薪酬差距的激励作用更为显着。因此,这两类企业的创新行为更好。

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