中文摘要：

受市场竞争的刺激,技术创新能力的提升得到越来越多的关注,而企业进行技术创新的基础和关键在于创新投入。基于2009—2012年中国创业板上市公司的数据,实证检验薪酬激励与股权激励对企业创新投入的影响以及这两种激励契约之间的交互关系,结果发现,短期薪酬和长期股权对公司的创新投入起着一定的激励作用,并且这两种激励契约之间的互补关系进一步促进了企业技术创新。因此,创业板企业未来需要构建合理的高管激励契约整合体系,强化股权激励的同时需要稳定薪酬激励。

英文摘要：

Stimulated by market competition,more and more enterprises realize the importance of technological innovative ability. The innovation input is both the basis and the key. Based on the dates of Chinese GEM listed companies from 2009 to 2012,an empirically test is made on the relationship between monetary incentive,equity incentive and innovation investment and their interactive relationship. Results show that short-term monetary and long-term equity have a positive influence on the innovation investment. Besides,the complementary relationship between two kinds of incentive contracts has further enhancement effects on technological innovation. Therefore, listed companies on GEM should establish a reasonable integration system with executive incentive featuring strengthened equity incentive and stable monetary incentive.