高管股权激励与企业实体投资  

Executive Equity Incentive and Corporate Entity Investment

作　　者：邵美云 SHAO Meiyun(Hebei University of Economics and Business,Shijiazhuang 050051,China)

机构地区：[1]河北经贸大学,河北石家庄050051

出　　处：《商业观察》2025年第11期98-103,共6页BUSINESS OBSERVATION

摘　　要：实体投资与社会可持续健康发展密切相关,对企业长期价值及竞争力的提升有不可替代的重要影响。文章以2011—2022年A股非金融上市公司为样本,实证检验了高管股权激励对企业实体投资水平的影响及作用机制。研究发现,高管股权激励能够提高企业实体投资水平。机制检验表明,高管股权激励通过缓解融资约束促进企业实体投资。异质性分析发现,高管股权激励对企业实体投资水平的促进作用对重污染行业和东中部地区的影响更强烈。研究结果为企业制定实施股权激励、促进整个社会实体经济持续健康发展有一定的参考价值。Physical investment is closely related to the sustainable and healthy development of society,and has an irreplaceable and important impact on the long-term value and competitiveness of enterprises.This paper takes A-share non-financial listed companies from 2011 to 2022 as the samples to empirically test the impact of executive equity incentive on the investment level of corporate entities and its mechanism.It is found that executive equity incentive can improve the level of enterprise entity investment.The me chanism test shows that executive equity incentive promotes enterprise entity investment by easing financing constraints.Heterogeneity analysis shows that the promotion effect of executive equity incentive on the investment level of enterprise entities is stronger in the heavily polluting industries and the eastern and central regions.The research results provide certain reference value for enterprises to formulate and implement equity incentives and promote the sustainable and healthy development of the whole social real economy.

关 键 词：股权激励 融资约束 金融化 

分 类 号：F832.5[经济管理—金融学]