摘要
以2013-2018年深交所A股上市企业为样本,探究机构投资者实地调研对企业实施股权激励计划的影响。研究发现,机构投资者实地调研会显著促进企业实施股权激励计划。相比于国有企业,机构投资者实地调研对民营企业股权激励计划的推动作用更显著;相比于单独调研,联合调研更有利于促进企业实施股权激励计划;在联合调研中,相比于关系型调研,常规型调研更有利于推进企业股权激励计划的实施。进一步研究发现,股价信息含量和盈余管理对机构投资者实地调研影响企业股权激励计划发挥中介传导作用;机构投资者实地调研与高管、核心员工股权激励计划均呈显著正相关关系;机构投资者实地调研更有利于促进企业实施限制性股票。文章将机构投资者的治理效应拓展至股权激励,并为机构投资者实地调研有效性的研究提供经验证据。
Taking A-share listed companies of Shenzhen Stock Exchange from the year 2013 to2018 as a sample,the paper explores the impact of institutional investors’ corporate site visits on the implementation of equity incentive plans.It is found that corporate site visits significantly promote the implementation of equity incentive plans.Compared with the state-owned enterprises,corporate site visits play a more significant role in promoting the equity incentive plans of private enterprises.Compared with the independent research,the joint research with the participation of the buy-side and sell-side analysts is more conducive to promoting the implementation of equity incentive plans;in the joint research,compared with the relational research,the conventional research is more conducive to promoting the implementation of equity incentives.Further research finds that information contents and earning management play apartial intermediary role in corporate site visits and the implementation of equity incentive plans;there is a significant positive correlation between corporate site visits and the equity incentive plans of senior managers and core employees;corporate site visits are more conducive to promoting the implementation of restrictive shares.This paper extends the governance effect of institutional investors to equity incentives,and provides empirical evidence for the effectiveness of institutional investors’ corporate site visits.
作者
钟芳
王满
ZHONG Fang;Wang Man(Accounting School,Dongbei University of Finance and Economics,Dalian 116025,China;China Internal Control Research Centre,Dongbei University of Finance and Economics,Dalian 116025,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2020年第6期99-113,共15页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金项目(19BGL066)。
关键词
机构投资者实地调研
股权激励
联合调研
关系型调研
股价信息含量
corporate site visits
equity incentive plans
joint research
relational research
stock price informativeness
