中国上市公司高管股权激励的动机研究

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1、AbstractEvenwithintheacademicareaofcorporategovernance，wheremasslveconclusionsconflictwitheachother,thetopicaboutincentives011managersseemslikethemostpuzzlingone．Fromagencytheory’Sperspective，incentivesbasedonfilm’sequityareconsideredasmoreeffectivethanothermechanism

2、sinleadingmanagerstobehaviorintheinterestoftheshareholders．Howev％theexistingempiricalstudiescallnotexplainwhyorwhynotfirmsintendtouseexecutiveequity-basedincentives．InstitutionalbackgroundintlleUScouldbepartofthecausesimpedeprogressofex锄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