证券市场导报Issue(7)：19-30,12.
银行股权关联、高管薪酬粘性与企业创新投资
摘要
Abstract
Clarifying the mechanisms through which bank equity connections influence corporate innovation investment is of great significance for effectively harnessing the role of finance in supporting the high-quality development of the economy.Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges as the sample,this paper empirically analyzes the impact of bank equity connections on corporate innovation investment and the moderating effect of executive compensation stickiness.The findings are as follows.(1)Bank equity connections help alleviate corporate financing constraints and reduce excessive investment such as redundant construction,thereby promoting corporate innovation investment.(2)Executive compensation stickiness,which refers to the differing sensitivity of executive compensation to firm performance increases versus decreases,exerts a moderating effect on the relationship between bank equity connections and corporate innovation investment.Under"reward-the-good,lightly-punish-the-bad"contracts,increased compensation stickiness mainly manifests as a slight reduction in executive compensation during corporate performance downturns.This"tolerance for failure"feature enhances managers'willingness to take risks,further strengthening the promoting effect of bank equity connections on corporate innovation investment.In contrast,under"reward-the-good,heavily-punish-the-bad"contracts,increased compensation stickiness mainly manifests as substantial rewards for performance improvements.In this scenario,executives may pursue short-term performance improvements to maximize their compensation,potentially allocating funds to financial assets that have high returns in the short term,thereby weakening the promoting effect of bank equity connections on corporate innovation investment.(3)The promoting effect of bank equity connections on corporate innovation investment is more pronounced in firms with high-quality internal control and good ESG performance,as well as those located in regions with robust intellectual property protection and in highly competitive industries.(4)Compared to incremental innovation,breakthrough innovation requires more abundant funding and the integration of cross-disciplinary knowledge.Bank equity connections have a more pronounced promoting effect on corporate breakthrough innovation.关键词
股权关联/创新投资/高管薪酬粘性/融资约束/过度投资Key words
equity connection/innovation investment/executive compensation stickiness/financing constraint/over-investment分类
管理科学引用本文复制引用
顾海峰,陈子情..银行股权关联、高管薪酬粘性与企业创新投资[J].证券市场导报,2025,(7):19-30,12.基金项目
东华大学人文社科繁荣计划预研究重大项目"新发展格局下双支柱调控框架对银行风险的治理效应、实现机制及政策优化研究"(项目编号:2022Z001)] （项目编号:2022Z001）
