IPO公司核心人才激励力度对投资者“重仓打新”决策的影响研究  

Studying on Influence of IPO Companies' Core Talents Incentives for Investors' Decisions on “Subscribing New Shares”

作　　者：李哲[1] 王放[1] 董小红[1] 

机构地区：[1]中国人民大学商学院,中国北京100872

出　　处：《华东经济管理》2015年第4期147-155,共9页East China Economic Management

基　　金：中国人民大学博士研究生科学研究基金项目(14XNH088)

摘　　要：IPO过程是新股公司展示核心竞争力的过程,也是投资者辨识新股公司发展潜力的过程。而事实上,新股公司的未来发展潜力有赖于管理人才和技术人才的储备与激励情况,该信息理应得到理性投资者的关注和利用。文章实证发现:在控制了其他因素后,作为自然人的投资者和首次重仓打新的机构投资者行为具有较强的盲目性;而富有重仓投资经验的机构投资者在一定程度上利用了IPO公司的核心人员激励信息,并更关注IPO公司技术骨干(而非管理人才)的激励情况。文章结论反映IPO公司未来发展潜力的核心人员激励信息尚未被全部投资者所运用,富有经验机构投资者更擅长洞察核心人才的激励机制,并将技术人员的激励力度作为自己"打新"决策的重要依据。The IPO is actually a process for companies to display core competence, and for investors to identify companies’ development potential. In fact, IPO companies’future development potential depends on their core talents team and motivation policies, which should get the attention and use of rational investors. The empirical results show that：The acts of both individual investors and novice institutional investors of subscribing new shares are strongly blind after controlling other factors, whereas veteran institutional investors with large holdings do make use of IPO companies’core talents incentive information to some extent and pay more attention to technical rather than management talents. The conclusions of the paper reflect that IPO companies’core talents incentive information has not been used by all the investors. The veteran institutional investors are better able to attach importance to core talents incentive mechanism, and take technical talents incentives as an important basis for them to make decisions on“subscribing new shares”.

关 键 词：公司核心人员激励信息 决策有用性 流通股东 投资经验 

分 类 号：F406.1[经济管理—产业经济]