摘要
应用Rosenbaum and Rubin(1983)的匹配方法分析股权激励对投资非效率的影响,以除股权激励因素以外的公司其他特征变量相近为依据进行样本配对,分析股权激励的激励效应,减少了样本选择偏差。结果表明:(1)股权激励对投资非效率、过度投资的影响不显著,对投资不足有显著的抑制作用;(2)在国有属性的调节作用下,股权激励计划对非国有企业投资不足的抑制作用强于国有企业;(3)国有企业的"期权激励"与"股票激励"方式对投资不足的抑制作用没有显著差别,非国有企业的"期权激励"方式抑制作用强于"股票激励"方式;(4)在股权分散的条件,实施股权激励计划对投资不足有显著抑制作用;在股权集中的条件下,实施股权激励计划对投资不足的影响不显著。
In the paper, we study the relationship between equity incentive and non - efficiency of the investment using matching method developed by Rubin （1973） , Rosenbaum and Rubin （1983）, According to matching theory, first, we matching sample based on firm close characteristic variables , In addition to equity incentive factors, then analysis the incentive effects of equity incentives, Reducing the sample selection bias, the results show that ： （ 1 ） Equity incentive had no significant effect on investment inefficiency and overinvestment, can significantly inhibit underinvestment; （2） the equity incentive for non - state - owned enterprises had stronger inhibitory effect on underinvestment than that of the state - owned enterprises ; （ 3 ） For state - owned enterprises, there is no significant difference of the inhibition on underinvestment between ＂equity incentive＂ and ＂stock incentive＂, For non -state -owned enterprises, the ＂ equity incentive＂ approach had stronger inhibitory effect than that of ＂stock incentive＂, （4） equity incentive can significantly inhibit underinvestment under the condition of dispersed ownership, but, equity incentive cannot significantly inhibit underinvestment under the condition of concentrated ownership.
出处
《贵州财经大学学报》
北大核心
2013年第3期29-36,共8页
Journal of Guizhou University of Finance and Economics
关键词
股权激励
过度投资
投资不足
匹配方法
Equity incentive, Overinvestment, Underinvestment, Matching method
