中文摘要：

构建动态创新能力是现阶段高科技公司应对多变环境的必要途径，进行创新与向的高管激励契约设计是促进该项能力培育与提升的关键。本文首先运用2007—2012年中国高科技上市公司数据对动态创新能力进行测量，继而对不同高管激励契约配置方式对动态创新能力的影响以及薪酬激励与股权激励之间的交互关系进行实证检验。研究发现，采用包含股权激励的复合型配置方式能够明显促进高科技公司的动态创新能力，并且在薪酬激励与股权激励之间存在显著的协同效应。因此，在高科技上市公司中，应将股权激励与薪酬激励进行合理配置，从而为该类公司动态创新能力的构建提供内源动力。

英文摘要：

Establishing dynamic innovation capability （DIC） is the essential way for Hi-tech companies to respond to the changeable environment in nowadays, and executive incentive contract design oriented by innovation is the key to promote the cultivation and improvement of capability. In this paper, we first adopt the data from 2007~2012 of Chinese hi-tech listed companies to meas- ure DIC and then make an empirical research on the effect of different incentive contract configura- tion mode on dynamic innovation capability and interactive relationship between salary-based incen- tive and equity-based incentive. The result shows that the mixed mode with equity-based incentive can promote DIC obviously and there is an obviously synergy effect between salary--based incentive and equity--based incentive. Therefore, for the hi-tech listed companies, we should make reasona- ble allocation of salary--based incentive and equity-based incentive to provide endogenesis motiva- tion for DIC establishment.