会计信息可比性与相对业绩评价使用——基于股权激励契约的实证检验  

Accounting Comparability and Relative Performance Evaluation:Evidences from Equity-based Incentives

作　　者：廖冠民[1] 王家晶 LIAO Guan-min;WANG Jia-jing

机构地区：[1]中国人民大学商学院

出　　处：《中央财经大学学报》2024年第5期72-86,共15页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目“会计信息可比性、相对估值与资本配置效率”(项目编号:71972180)。

摘　　要：本文主要研究会计信息可比性对股权激励契约中业绩评价方式选择的影响。根据监管要求,我国上市公司实施股权激励须披露其行权条件,包括业绩指标及其评价方式等信息,据此可以获得上市公司是否采用相对业绩评价的显性信息。基于此独特数据,本文实证检验发现,公司的会计信息可比性与其股权激励契约行权业绩考核采用相对业绩评价的概率正相关;并且当会计信息可比性较高时,采用相对业绩评价的股权激励对公司研发创新的促进效果更加明显。进一步研究还表明,当公司面临的内部治理和外部监督较为严格时,会计信息可比性对股权激励契约相对业绩评价使用的正向影响更为显著。本文研究结果意味着会计信息可比性有助于提高股权激励契约的有效性。This paper studies the impact of accounting comparability on the selection of performance evaluation methods in equity-based incentives.China Securities Regulatory Commission requires that listed companies implementing equity incentives must disclose the exercise conditions,including performance indicators and evaluation methods,whereby explicit data on whether companies use relative performance evaluation can be obtained.Based on the unique data,this study finds that:when firms have more comparable accounting information with other firms in their peer group,their equity incentives are more likely to use relative performance evaluation;and the use of relative performance evaluation in equity incentives is more effective in promoting corporate innovation when accounting comparability is higher.Further research also shows that when the internal governance and external oversight are more stringent,the positive effect of accounting comparability on the use of relative performance evaluation is more significant.These findings suggest that accounting comparability can improve the effectiveness of equity incentives.

关 键 词：会计信息可比性 相对业绩评价 股权激励契约 公司创新 

分 类 号：F272[经济管理—企业管理]