경영자 스톡옵션 보상이 연구개발투자와 기업가치간의 관계에 미치는 영향

In the current complex and changing business environment, firms need to invest in research and development (R&D) to enhance their core competitiveness in the long run. This study aimed to empirically analyze whether stock options, which are one of the compensation measures to mitigate agency costs, increase firm value by inducing managers to conduct R&D from a long-term perspective. This study empirically analyzed firms listed in China between 2015 and 2019 using regression analysis. Also, additional tests, such as propensity score matching or variable reconstruction, were conducted to confirm the robustness of the study. First, this study examined the impact of R&D investments on firm values in China, and a significant positive relationship was seen, consistent with previous studies. Next, we empirically analyzed the effects of the stock option grant itself, the grant size, and the grant period on the relationship between R&D investment and firm value, and found a positive and significant relationship. These results suggest that awarding stock options induces managers to make R&D investments that increase firm values. This study contributes to the existing literature on stock options by presenting empirical results that confirm that stock options affect the R&D investment behavior of managers. It also provides implications for firms and investors by reporting the effect of stock option grants on the value of firms.