股权激励条件设置对代理成本影响的实证研究  

Empirical Research on Influence of Condition of Equity Incentive on Agency Cost

作　　者：介迎疆[1] 扈文秀[2] 周茹[1] 张建锋[2] 

机构地区：[1]西安工业大学经济管理学院,西安710021 [2]西安理工大学经管学院,西安710054

出　　处：《西安工业大学学报》2014年第1期64-71,共8页Journal of Xi’an Technological University

基　　金：陕西省软科学项目(2013KRZ27-03);陕西省教育厅项目(12JK0131);西安工业大学校长基金项目(XAGDXJJ1224);陕西省普通高等学校哲学社会科学特色学科建设资助项目;西安工业大学科研创新团队建设计划资助项目

摘　　要：本研究探讨在股权激励方案设计中，如何合理设置激励条件才能提高股权激励解决委托代理问题的效果，降低代理成本。文中选取2009～2011年上市公司面板数据，应用多元回归分析等方法进行了股权激励条件设置对代理成本影响的实证研究。研究发现：每股收益和现金营运指数与代理成本呈显著负相关关系；独立董事比例和公司规模是对激励条件松紧度影响比较大的内生约束因素。因此，在设置股权激励条件时应重点选取每股收益和现金营运指数这两个指标，并重点考虑独立董事比例和公司规模这两个因素的影响作用。T he paper discusses how to set up reasonable incentive conditions in designing the equity incentive plan to effectively reduce the costs of principal-agent .An empirical research was made by multiple regression on the impact of equity incentive conditions on the corporate agency costs on the basis of the panel data of the listed companies during the years from 2009 to 2011 .The results show that the earnings per share and the cash operating index are negatively correlated with the agency costs ,and that the proportion of the independent directors and the size of the company are the endogenous constraints which have relatively great impact on the equity incentive conditions .Therefore ,in setting up the incentive conditions ,the earnings per share and the cash operating index should be selected ,with the effect of both the proportion of the independent directors and the size of the company as the key consideration .

关 键 词：股权激励 条件设置 代理成本 上市公司 

分 类 号：F832.51[经济管理—金融学] F275F224