研发投入、高管激励与企业绩效

——基于我国生物医药上市公司的实证研究

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中图分类号：F275.5 文献标识码：A 文章编号：1004-0714（2025）09-0107-04

Empirical AnalysisofR&D Investment， Executive Incentiveand Firm Performance Basedon ChineseListedBiomedical Companies

HUANGXiuli，LIUShuyue （SchoolofEcicgentdonesityfetroicalgoingdoa

Abstract：In recent years，China's science and technology are developing rapidly，especially the direction of biological science， which closely related with people's healthand lifestyle.This paper studies the impact of R&D investment on business performance and the relationship between executive incentives and business performance.based on the panel dataiof Chinese biomedical industry from 2017.to 2021.Research shows thatexecutivecompensationis significantlypositivelycorrelatedwith corporateperformance，and managerial ownershipis significantly positively correlated with corporate performance while R&D investment is significantly negatively correlated with businessperformance，which means that increasing R&D investment cannot improve corporate performance in the current period.Improving executive compensation incentive is helpfultopromotethe positiveimprovement of enterpriseperformance;The increaseinmanagerial ownership helps to improve the performance of the company.

Keywords：R&D Investment;Executive Incentive;Enterprise Penformance

一、引言

随着人民生活水平日渐提高，食品安全、疾病防控成为社会普遍关注的热点问题，因此生物医药行业的技术创新已经成为刻不容缓的发展主题。（剩余5079字）