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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