企业融资、市场反应与经营者激励

Corporation Financing,Market Reaction and Managerial Incentive

该文通过对企业类型、融资方式及经营者努力程度三个变量的综合考察,构造了一个关于股东、经营者与银行三方行为的统一分析框架,在此框架之下,我们发现在市场中流行的分类体制模式下,银行融资跟企业市场价值存在正向联系,而且基于企业的市场反应可以较好地实施经营者补偿。并就这一分析结果提出了相应的政策建议:为经营者设计合理的激励补偿合约;进一步加强银行的市场主体功能;规范和发展股票市场。

With the combined investigation of firm type, mode of financing and effort decision of manager, the paper constructs a comprehensive framework including shareholder, manager and bank. We find that bank financing is positively associated with firm's market value and to implement the managerial compensation based upon market reaction is available. Moreover, some suggestions are given as follows: first, designing proper compensation contract for manager; second, strengthening the market principal function of bank; third, normalizing and developing stock market.