School of Management, University of Shanghai for Science and Technology

技术创新作为企业持续成长的重要因素,吸引了学界和业界的广泛关注。在企业技术创新活动中,高管团队是企业创新投资的重要决策者和推动者,其薪酬契约与企业技术创新密切相关。以2011—2021年沪深A股上市公司为研究对象,分析并检验了技术创新、高管团队薪酬差距与企业绩效之间的关系。结果表明:技术创新对企业绩效存在明显的促进作用;公司管理层的内部薪酬差距和外部薪酬差距均对技术创新与企业绩效间的关系具有正向调节效应。进一步研究表明,产权性质、企业规模、行业竞争强度对技术创新、高管团队薪酬差距与企业绩效三者关系的影响存在差异。据此,企业应重视技术创新投入,健全高管薪酬激励机制,提高企业创新和治理柔性,促进企业可持续发展。

As a key factor for the sustainable growth of enterprises, technology innovation has attractedmore and more scholars. In the company’ s technological innovation activities, the top management teamis an important decision-maker and promoter of innovation investment, and its compensation contract isclosely related to technological innovation. The listed firms in A-shares in Shanghai and Shenzhen from2011 to 2021 are taken as the research sample to test the relationship between technology innovation,executive pay gap and firm performance. The results show that technology innovation has a positive impact on the firm performance; Executive internal and external pay gaps both play a positive role in regulating the relationship between technology innovation and firm performance. There are differences in theeffects of property nature, enterprise scale, industry competition intensity factors on the relationship between technology innovation, executive pay gap and firm performance. Accordingly, enterprises shouldattach importance to technology innovation, optimize the incentive mechanism of executive compensation, enhance the flexibility of innovation and governance to promote sustainable development.

教育部人文社会科学研究规划基金项目(17YJA630020);上海市一流学科建设项目(S1201YLXK)