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中文摘要：
本文；22006～2011年沪深A股实施高管股权激励计划的上市公司为样本，以股权激励的动机为视角，试探性地检验了不同动机下的高管股权激励与公司R＆D支出水平之间的关系。研究发现：（1）相对于未实施股权激励计划的公司而言，实施高管股权激励显著地提高了公司的R＆D支出水平；（2）激励型股权激励-9R＆D支出之间呈正相关关系，而福利型股权激励-9R＆D支出不存在显著的相关关系；（3）在公司富余资源水平和既有业绩分别影响R＆D支出的过程中，激励型股权激励均起到加强作用，而福利型股权激励不具有这种作用。本文的结论加深了对股权激励动机的理解，并为引导我国企业实施激励型动机的股权激励计划提供理论支持和实证证据。
英文摘要：
Using listed companies in A share which implemented executives equity incentive plans during 2006-2011 as samples, in the perspective of equity incentive motivation, this paper tentatively examines the relationship between R＆D spending level and different executives equity incentive motivations. There are 3 conclusions could be drawn： （1） with respect to the companies without equity incentive plans, the implementation of executive equity incentive significantly improve the R＆D expenditure level; （2） incentive-type motivation and R＆D spending has a positive correlation, while the welfare-type motivation and R＆D expenditures does not have significant correlation; （3） during the process of the company＇s surplus resource level or existing performance affecting the R＆D expenditures, incentive-type motivation can play a strengthen role in both situation, while the welfare-type does not have this effect. The paper has deepened the understanding of the stock option incentive motivation, and provided theoretical supports and empirical evidences to guide Chinese enterprises to implement the stock option plan of incentive motivation.
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