股权激励与商业信用供给:业绩考核视角  

Equity Incentiveand Commercial Credit Supply:A Performance Appraisal Perspective

作　　者：陈鹏程 马孝田 梁燚焱 Chen Pengcheng;Ma Xiaotian;Liang Yiyan

机构地区：[1]郑州大学商学院,河南省郑州市 [2]延安大学经济与管理学院 [3]郑州大学公共管理博士后科研流动站

出　　处：《金融学季刊》2024年第2期78-100,共23页Quarterly Journal of Finance

基　　金：国家社会科学基金重点项目“‘区块链+供应链’融合治理下农业供应链融资信任机制研究”(20AGL021);河南省哲学社会科学规划项目“股权激励业绩考核‘精准’达标现象研究”(2022BJJ097);河南省高等学校重点科研项目计划“风险投资对河南省‘专精特新’企业培育的影响研究”(248790027)的资助

摘　　要：在业绩考核达标驱动下,股权激励企业可能会做出权衡,在做好商业信用管理的同时,通过增加商业信用供给改善业绩。本文实证检验了股权激励对企业商业信用供给的影响。研究发现,实施股权激励后,企业显著增加了商业信用供给,同时企业通过加强内部控制对商业信用供给进行了有效管理,增加的商业信用供给并没有挤出研发投资,没有形成现金流和坏账风险,而商业信用供给的增加的确提高了业绩考核达标概率。异质性分析显示,在高管业绩考核达标意愿强烈、企业议价能力较弱以及产权性质为非国有企业时,股权激励对商业信用供给的提升作用更为显著。本文的研究为理解股权激励企业的商业信用政策提供了经验证据。Driven by the achievement of performance assessment,equity incentive enterprises may adopt aggressive commercial credit supply policies to improve performance.This paper empirically tests the impact of equity incentive on business credit supply of enterprises.It is found that after the implementation of equity incentive,enterprises significantly increase the supply of commercial credit.At the same time,enterprises have effectively managed the supply of commercial credit by strengthening internal control,the increased supply of commercial credit don't crowd out R&D investment,don't result cash flow and bad debt risk,and the increase in the supply of commercial credit does increase the probability of achieving the performanceassessment.Heterogeneity analysis shows that equity incentive has a more significant effect on the promotion of commercial credit supply when senior executives have a strong willingness to reach the standards,firms have a weak bargaining power and the property rights are non-state-owned enterprises.This paper provides empirical evidence for understanding the business credit policy of equity incentive enterprises.

关 键 词：股权激励 商业信用供给 业绩考核 

分 类 号：F272.92[经济管理—企业管理] F832[经济管理—国民经济]