机构地区:[1]电子科技大学经济与管理学院,成都611731
出 处:《管理科学》2018年第1期116-128,共13页Journal of Management Science
基 金:国家自然科学基金(71102054;71472025);中央高校基本科研业务费(ZYGX2015J157)~~
摘 要:高管股权激励的目的是企业价值的持续增长,价值增长的关键在于管理者对增长机会的把握和创造。作为企业创造增长期权的一种重要手段,R&D投资通过改变资产相对构成而对股票风险收益特征具有动态影响,因此资本市场对R&D投资的理性定价可以为高管股权激励的增长期权创造效果提供新的检验视角。以2007年至2015年沪深两市2 294家非金融类A股上市公司为样本,利用Fama-MacB eth截面回归,发现R&D投资和股票预期收益率具有正向关系。在此基础上,通过是否实施和实施前后等不同子样本中R&D投资与股票预期收益率关系的比较,从增长期权创造的视角考察高管持股的2 053家企业和实施或有股权激励的657家企业的股权激励效果,发现持股激励和或有股权激励计划都会加强R&D投资对股票预期收益率的正向影响,两种股权激励方式有助于企业通过R&D创造增长期权。进一步,利用倾向匹配得分法进行样本选择,利用双重差分模型进行回归,控制内生性问题,稳健性检验结果依然表明,股权激励对R&D投资与股票预期收益率关系具有显著的正向调节作用。整体而言,实证结果不仅提供了支持利益趋同假说观点的证据,还从企业创新和资本市场的互动关系为股权激励的效果提供了新的检验视角。研究结论的现实指导意义在于,一个长期、有效的高管激励政策应强调高管通过创新投资进行增长期权的创造,企业也应根据资本市场对高管创新活动的效果评价了解和调整激励政策。The ultimate goal of equity-based managerial incentive is to realize the sustainable growth of firm value, and managers' ability to capture and create growth opportunity is a key determinant for achieving goal. As an important way to create growth op- tions, R&D investment has a dynamic effect on the stock risk and expected return by changing the relative components of total as- sets, and hence the rational pricing of R&D investment in capital market should provide a new perspective to test the effectiveness of equity-based managerial incentive aiming to motivate managers to create growth options. Using a sample of 2 294 non-financial A-share firms listed in Shanghai and Shenzhen Exchanges during 2007 and 2015, this paper firstly uses Fama-MacBeth cross-sec- tional regression to test the relation between R&D intensity and expected stock return. Secondly, based on the findings of the pos- itive effect of R&D investment on expected stock return, the effectiveness of managerial shareholding of 2053 firms and contingent equity-based incentive of 657 firms are examined by comparing the R&D-stock return relation for these firms and for firms having never implemented incentive throughout the sample period. The results based on the comparison between firms with and without incentive and the comparison between sub-periods before and after firms implement incentive consistently show that, both manag- eria} shareholding and contingent equity-based incentive would strengthen the positive effect of R&D investment on expected stock return, which indicates that equity-based managerial incentive can really motivate managers to create growth options by value- added R&D investments. Thirdly, to control the endogenous problem stemming from treatment effect, Propensity Score Matching approach and Difference-in-Difference regression model are used to conduct robust test and the positive role of equity-based in- centive is supported well by the results that both managerial shareholding and contingent equity-based incen
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