股权激励、制度环境与企业资本投资效率

发布时间：2018-04-10 18:10

  本文选题：股权激励 + 制度环境　； 参考：《金融经济学研究》2017年04期

【摘要】：以2006~2015年推出股权激励方案的上市公司为考察对象,采用OLS回归的方法实证检验了股权激励对企业资本投资效率的影响,并深入分析了股权激励、制度环境与企业资本投资效率间的关系。研究发现,股权激励有效地抑制了企业投资过度和缓解投资不足,改善了企业资本投资效率;与限制性股票激励相比,股票期权激励对企业资本投资效率的作用更明显;股权激励强度与企业资本投资效率存在U型关系,股权激励强度抑制企业投资过度行为作用更为明显;股权激励能改善国有企业资本投资效率,股权激励强度能有效抑制非国有企业投资过度行为。因此,在具体股权激励实施中,要根据实际情况选择股权激励方式和确定最优激励水平。
[Abstract]:Taking the listed companies that launched the equity incentive scheme from 2006 to 2015 as the object of investigation, this paper empirically tests the influence of equity incentive on the efficiency of capital investment by using OLS regression method, and analyzes the equity incentive in depth.The relationship between institutional environment and capital investment efficiency.It is found that the equity incentive can effectively restrain the excessive investment and alleviate the insufficient investment, and improve the efficiency of the enterprise capital investment, compared with the restrictive stock incentive, the stock option incentive has a more obvious effect on the efficiency of the enterprise capital investment.There is a U-type relationship between the intensity of equity incentive and the efficiency of capital investment, and the effect of intensity of equity incentive on the excessive behavior of enterprise investment is more obvious, and equity incentive can improve the efficiency of capital investment of state-owned enterprises.The intensity of equity incentive can effectively restrain the excessive investment behavior of non-state-owned enterprises.Therefore, in the implementation of specific equity incentive, we should choose the equity incentive mode and determine the optimal incentive level according to the actual situation.
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本文编号：1732335