高管行权业绩条件与投资行为:基于风险承担的中介视角  

Executive Exercise Performance Conditions and Investment Behavior:From the Perspective of Risk-taking Intermediary

作　　者：李苗 扈文秀[3] LI Miao;HU Wenxiu(School of Economics and Finance,Xi’an International Studies University,Xi’an 710128,China;Research Center for Humanities and Social Sciences,Xi’an International Studies University,Xi’an 710128,China;School of Economics and Management,Xi’an University of Technology,Xi’an 710054,China)

机构地区：[1]西安外国语大学经济金融学院,陕西西安710128 [2]西安外国语大学人文社会科学研究中心,陕西西安710128 [3]西安理工大学经济与管理学院,陕西西安710054

出　　处：《运筹与管理》2023年第10期205-211,共7页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71373204);西安外国语大学科研基金资助项目(21XWC06);陕西省社会科学基金项目(2023D49);西安市社会科学规划项目(23JX144)。

摘　　要：本文以2009—2020年我国实施股权激励的A股上市公司作为研究样本,从风险承担中介视角分析了高管行权业绩条件对公司投资行为的影响机制。结果表明:行权业绩条件与投资效率之间呈现倒U型关系并求出了拐点,风险承担在两者间起到中介作用。进一步研究发现:行权期会强化行权业绩条件与投资效率的倒U型关系;与限制性股票相比,股票期权在严格的行权业绩条件刺激过度投资和缓解投资不足方面作用更强。本文研究丰富了股权激励与投资行为的关系研究,提出了行权业绩条件对投资行为影响的风险承担路径,为现有关于股权激励对投资行为影响的结论争议提供了一种理论解释,并从行权期和股权激励模式两方面细化和深入了股权激励与投资行为之间的关系研究。The issue of the effectiveness of equity incentives has been a great concern,and more scholars have studied the impact of equity incentives on investment behaviour,but no consistent conclusions have been reached,which may be due to the fact that equity incentive programmes are considered homogeneous.In practice,the different settings of each element of the equity incentive programme are the key to influencing the company’s investment behaviour,and only the design of an appropriate incentive programme can play a positive incentive role.However,most of the previous studies only explore the impact of equity incentives on investment behaviour from the perspective of whether equity incentives are implemented or not,and fewer studies reveal the impact of different elements of equity incentives on investment behaviour in detail,and the relevant studies are also mainly conducted from the perspective of the level of equity incentives and the elements of the equity incentive mode,and fewer studies explore the impact of investment behaviour from the perspective of performance conditions of the exercise of the right,and the only relevant studies are mainly based on the perspective of incentive motivation to study the impact of equity incentives on the efficiency of investment.They believe that incentive motivation can improve the efficiency of investment,while the implementation of equity incentives of non-incentive motivation worsens the efficiency of investment.Existing studies mainly suffer from the following shortcomings:(1)Fewer studies reveal the mechanism of the impact of exercise performance conditions on investment behaviour from the perspective of the mediating effect of risk-taking;(2)Most of the existing studies conclude that equity incentives have a linear relationship with investment efficiency,and do not propose an appropriate value for exercise performance conditions;(3)Most of the existing studies measure investment efficiency in terms of overall efficiency and fewer of them conduct path analyses from the

关 键 词：行权业绩条件 投资行为 风险承担 行权期 股权激励模式 

分 类 号：F276[经济管理—企业管理]