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《中國上市公司高管股權激勵的動機研究》由會員上傳分享，免費在線閱讀，更多相關內(nèi)容在學術論文-天天文庫。
1、AbstractEvenwithintheacademicareaofcorporategovernance，wheremasslveconclusionsconflictwitheachother,thetopicaboutincentives011managersseemslikethemostpuzzlingone．Fromagencytheory’Sperspective，incentivesbasedonfilm’sequityareconsideredasmoreeffectivethanothermechanism
2、sinleadingmanagerstobehaviorintheinterestoftheshareholders．Howev％theexistingempiricalstudiescallnotexplainwhyorwhynotfirmsintendtouseexecutiveequity-basedincentives．InstitutionalbackgroundintlleUScouldbepartofthecausesimpedeprogressofex鋤iningdeterminantsofEEI．Besides
3、ahandfulofliteraturesonEEIbeyondtheUS，wefocusonareformofChina’sstockmanetduringrecentyears．Furtherthanthebiggestemergingandtransitionaleconomyaroundtheworldinpastthreedecades，China，scapitalmarketprovidesUSanideallaboratorytoinvestigatethedeterminantsofEElsinceitsuniq
4、ueinstitutionalbackground．Inparticular,whensolvingtheagencycostbetweenshareholdersandmanagers，China’SpartiallyprivatizedstateownedentitiesfaceanmchmoresimilarsituationtothoseinAnglo—SaxoneconomiescomparingwiththoseinGermanyorJapan．Moreover,ourpapershedlightontheactio
5、nsoflistedfirmswhentheydeviatedfromtheirrespectiveoptimalincentivecontractswithmanagers．TothebestofOurknowledge，thisisthefirstempiricalstudytotestthesubstituterelationshipbetweenexecutivecompensationincentiveswithothermeaslesforreducingagencycosts．HereWetakeadvantage
6、oftheinstitutionalfeaturesinChina’Sstockmarketagain．WhetheralistedfirmannouncedEElplanssoonalterrestrictionswereeliminated，ischosenastheproxYvariableforwhetheritdeviatedfromitsoptimalincentivelevelduringpre-reformperiod．Wefirstconductalogisticmodelwithasampleof104EEI
7、casesbetween2006and2008toinvestigatethedeterminantsoflistedfirmsannounceEEl．AccordingtoOurresuIts．forSOEsinstockmarkets，thereisastrongnegativerelationbetweenlistedfirm，sownershipconcentrationandtheprobabilitythatitannounceEEI，aftercontrollingfbrvariouscharacteristics
8、offirmsandCEOs．Wealsofindthetradeoffbetweenriskandincentivewhentheultimateowneroflistedfmnisgovernment，whichhasnotbeensupportedinmo
