高管股权激励对企业韧性的影响研究  

Study on the Impact of Executive Equity Incentives on Corporate Resilience

作　　者：刘晓霞[1] 胡祖萌 

机构地区：[1]湖南工业大学经济与管理学院,湖南株洲412007

出　　处：《浙江金融》2024年第12期23-35,共13页Zhejiang Finance

基　　金：信息茧房现象下的《证券投资学》现代化教学模式改革研究(XJKX24B012)。

摘　　要：利用2012~2022年我国A股上市公司数据,实证研究高管股权激励对企业韧性的影响效果及作用机制。研究结果表明,高管股权激励显著提升了企业韧性。作用机制研究发现,高管股权激励通过提升企业的创新能力、缓解融资约束及提高企业内部控制水平来提升企业的危机应对能力,进而增强企业韧性。异质性检验发现,高管股权激励对企业韧性的增强作用在管理层决策视域较短、国有企业中更显著。Using the data of China's A-share listed companies from 2012 to 2022,we empirically investigate the effect and mechanism of executive equity incentives on corporate toughness.The results show that executive equity incentives significantly enhance corporate toughness.The mechanism of action study finds that executive equity incentives enhance corporate crisis response ability through three paths:improving corporate innovation ability,reducing financing constraints,and improving corporate internal control level,which in turn enhances corporate resilience.The heterogeneity test finds that the enhancement effect of executive equity incentives on corporate resilience is more significant in enterprises with shorter management decision-making horizons,stronger scientific and technological attributes,and state-owned enterprises.

关 键 词：高管股权激励 企业韧性 创新能力 融资约束 内部控制 

分 类 号：F832.5[经济管理—金融学]