School of Economics and Management, Taiyuan University of Technology

管理者能力作为企业经营决策与战略实施过程中的一个重要影响因素,吸引了学界和业界的广泛关注。作为企业的重要决策者,管理者在企业创新决策中起着至关重要的作用,其薪酬激励与企业的技术创新能力密切相关。以2013—2022年中国上市公司作为研究对象,并采用固定效应模型进行实证分析。研究结果表明:管理者能力对企业绩效有显著的促进作用;技术创新能力在管理者能力与企业绩效的关系中发挥了部分中介作用;高管货币薪酬激励和股权激励正向调节技术创新能力在管理者能力与企业绩效之间的中介作用。进一步研究发现:相比于高股权集中度企业,在低股权集中度企业中,管理者能力对企业绩效的影响更为显著;相比于非国有企业,在国有企业中,管理者能力对企业绩效的影响更为显著。本研究揭示了管理者能力影响企业绩效的内在机制,为提高企业绩效提供理论依据与实践指导。

As an important influencing factor in the process of enterprise management decision-making and strategy implementation, managers’ ability has attracted extensive attention from academic circles and industries. As an important decision-maker, managers play a vital role in enterprise innovation de- cision-making, and their salary incentives are closely related to the technological innovation ability of companies. This study takes the listed companies in China from 2013 to 2022 as the research object, and makes an empirical analysis by using the fixed effect model. The results show that the ability of managers has a significant role in promoting enterprise performance; Technological innovation ability plays a part of intermediary role in the relationship between managers’ ability and enterprise perform- ance; Monetary salary incentive and equity incentive of senior executives positively regulate the inter- mediary role of technological innovation ability between managers’ ability and enterprise performance. Additional research indicates that the impact of managers’ ability on enterprise performance is greater in low-equity concentration businesses than in high-equity concentration businesses; in state-owned businesses, the impact of managers’ ability on enterprise performance is greater than in non-state- owned businesses. This study reveals the internal mechanism of managers’ ability affecting enterprise performance, which provides theoretical basis and practical guidance for improving enterprise perform- ance.

山西省哲学社会科学规划课题(2022YD032)