股权激励方式与企业生命周期的适应性匹配研究

The Research on the Adoptive Matching Mechanism between Equity Incentive Mode and Corporate Life Cycle

借鉴权变思想,结合委托代理和生命周期理论,本文提出了股权激励方式与企业生命周期存在适应性匹配的设想,认为企业会根据所处发展阶段的治理重心和激励目标,差异化地选择股权激励方式。实证结果显示:处于不同发展阶段的企业对股权激励方式存在异质性偏好,成长期和衰退期企业更倾向于采用股票期权,成熟期企业更倾向于采用限制性股票。异质性考察发现,适应性匹配关系在高管权力较小、市场竞争充分和股价崩盘风险较低的样本中更加显著。进一步研究发现,当企业实施了与其发展阶段相匹配的激励方式后,股权激励能产生显著更高的业绩提升作用;机制检验表明,股票期权是通过风险承担效应驱动成长期和衰退期企业的绩效增长,限制性股票则是通过利益协同效应驱动成熟期企业的绩效增长。本文的研究结论对处于不同发展阶段的企业有的放矢地选择股权激励方式及监管部门制定相关监管政策和管理规范具有一定的参考价值。

Drawing on the viewpoints of contingency,combining principal-agent theory and life cycle theory,this paper puts forward the hypothesis that there exists an adoptive matching mechanism between equity incentive mode and corporate life cycle.Specifically,companies will choose the equity incentive mode in a differentiated way according to the heterogeneous needs of their development stages.The empirical results show that:Enterprises at different stages of life cycle have heterogeneous preference for equity incentive mode.Specifically,growth and decline enterprises tend to adopt stock options,while enterprises in the mature period tend to adopt restricted stock.The heterogeneity analysis shows that firms are more likely to grant the equity incentive mode that matches their life cycles when the power of exectives is smaller,when market competition is higher,and when the risk of stock price crash is lower.When enterprises implement the incentive modes that match their development stage,equity incentive can generate higher performance promotion effect.Mediating effect test shows stock options increase the performance of growth and decline enterprise mainly through risk-taking effect.Whereas,restricted stocks drive the performance growth of mature enterprise by the channel of interest alignment effect.This paper provides references for enterprises at different development stages to design their incentive contracts with a specific target.For regulatory authorities,our research offers implications to formulate and improve relevant regulatory policies.related to equity incentive.