股权激励与公司财务研究述评  

Review on Equity Incentive and Corporate Finance

作　　者：万华林 Wan Hualin

机构地区：[1]上海立信会计金融学院会计学院,201620

出　　处：《会计研究》2018年第5期52-58,共7页Accounting Research

基　　金：国家自然科学基金重点项目(71632006);上海市浦江人才计划(16PJC064)项目资助

摘　　要：股权激励在解决公司治理问题、激励企业管理及创新人才方面均具有重要作用。本文在简要回顾相关理论的基础上,重点述评了股权激励影响公司财务行为的相关文献,并讨论了基于西方经典理论的研究机会。然后,从关系型交易理论出发,分析了股权激励契约在维系控股股东与经理人关系中的作用。进一步,基于我国转型经济背景下的关系型交易理论视角,讨论了我国股权激励可能的研究问题。最后,讨论了我国股权激励实务发展趋势及相应研究机会。由于关系型交易理论更符合中国政治经济现实,本文分析表明,该理论对我国股权激励研究具有更强解释力。本文为拓展我国公司财务领域相关研究提供了参考。Equity Incentive is important in both corporate governance and motivating business management and inspiring innovation talents. I sketch theories on equity incentive in early literature, and then review literature on how equity incentive affect corporate finance and further discuss corresponding research opportunities. Based on relational transaction theory, I elaborate the role of equity incentive in relational contracts between controlling sharehold- er and management. Based on transitional economy and relational contracts theory, I further discuss the possible research opportunities in China. Finally, I discuss the practical development in equity incentive and the related research opportunities. Since relational contract theory is more consistent with politi- cal economy practice in China. this naoer orovides reference for future corporate finance research in related areas.

关 键 词：股权激励 公司财务 关系型契约 关系型交易 

分 类 号：F272.92[经济管理—企业管理] F275[经济管理—国民经济]