摘要
本文以2006至2015年沪市A股上市公司为样本,实证检验管理层激励、风险承担以及企业绩效三者关系,同时,考虑企业所有权性质对管理层激励效果的影响。研究结果表明:(1)企业风险承担与企业绩效和企业价值正相关,高风险高收益高风险承担;(2)管理层持股与企业货币薪酬均显著影响企业风险承担,但两种激励方式对企业风险承担影响受企业所有权性质影响;(3)从风险承担视角进一步探讨管理层持股激励和货币薪酬对企业绩效和企业价值影响路径,发现风险承担是管理层激励与企业绩效和企业价值的中介变量。研究结论深化管理层激励对企业绩效影响路径,对国有企业混合所有制改革具有参考意义。
This thesis takes a Shanghai-listed A-share listed company from 2006 to 2015 as a sample to empirically examine the relationship among management incentives,risk assumptions and corporate performance. At the same time,it considers the effect of the nature of corporate ownership on the incentive effect of management.The results of the study show that：（ 1） Corporate risk taking is positively correlated with corporate performance and corporate value,and high-risk,high-yield,and high-risk commitments;（ 2） Both management holdings and corporate currency remuneration significantly affect corporate risk taking,but two types of incentives The impact on corporate risk taking is affected by the nature of the company＇s ownership;（ 3） From the viewpoint of risk taking,the impact of management stock holding incentives and monetary compensation on corporate performance and corporate value is further explored. It is found that risk taking is management incentive and corporate performance and corporate value. The conclusions of the study deepen the path of management incentives impact on corporate performance and provide reference for the reform of state-owned enterprises＇ mixed ownership.
作者
高磊
GAO Lei(Postdoctoral Research Mobile Station,Central University of Finance and Economics,Beijing 100081,China;School of Accounting,Inner Mongolia University of Finance and Economics,Hohhot 010070,China)
出处
《财经理论研究》
2018年第4期1-18,共18页
Journal of Finance and Economics Theory
基金
国家社科基金(18BJL042)
内蒙古社科规划项目(2017NDB117)
关键词
管理层持股
货币薪酬
风险承担
企业绩效
management holdings
currency compensation
risk taking
corporate performance
