摘要
基于最优契约假说以及战略变革前因研究的辩证性视角,本文以2008-2018年A股上市公司数据为样本,探讨股权激励对企业战略变革的影响机制及情境条件。结果表明:给予高管股权激励对企业战略变革能够产生显著的促进效应,风险承担在两者之间发挥部分中介效应;外部环境动态性越高,股权激励对企业战略变革的正向效应越显著;产权性质、冗余资源、高管声誉等情境因素也会对股权激励与企业战略变革的关系产生影响。因此,企业应在高管激励契约配置中侧重于股权激励,并以战略目标为导向进行合理的契约要素设计,从而激发高管的“思危思变”精神,适时推进战略变革以获得可持续的竞争优势。
Based on the optimal contract hypothesis and the dialectical perspective of antecedent research on strategic change,this paper explores the mechanism and contextual conditions of the influence of equity incentive on corporate strategic change using the data of A-share listed companies from 2008-2018 as a sample.The results show that:granting equity incentive to executives has a significant facilitating effect on corporate strategic change,and risk-taking plays a partly mediating effect between them;the higher the dynamics of external environment,the more significant the positive effect of equity incentive on corporate strategic change;the nature of property rights,redundant resources,executive reputation and other contextual factors also have an impact on the relationship between equity incentive and corporate strategic change.Therefore,enterprises should focus on equity incentive in the allocation of executive incentive contracts and design reasonable contract elements oriented by strategic objectives to stimulate executives'spirit of“thinking of change”and promote strategic change in time to gain sustainable competitive advantage.
作者
徐宁
白英杰
张阳
XU Ning;BAI Ying-jie;ZHANG Yang(School of Management,Shandong University,Jinan 250100,China)
出处
《商业研究》
CSSCI
北大核心
2022年第6期73-82,共10页
Commercial Research
基金
国家自然科学基金面上项目,项目编号:71872103
山东省社会科学规划重点项目,项目编号:17BZLJ09
泰山学者工程专项,项目编号:tsqn202103095。
关键词
战略变革
股权激励
风险承担
环境动态性
最优契约假说
strategic change
equity incentive
risk taking
environmental dynamism
optimal contract hypothesis
