经营者股权激励与企业价值——基于内生性视角的理论分析与经验证据

Managerial Ownership and Firm Value:The Theory and Evidence in Endogeneity

本文首次从内生性视角研究中国上市企业经营者股权激励的影响因素及与企业价值相关性的问题。遵循内生性的研究思路,选取高科技上市企业2001—2004年均衡的平行数据为研究样本,通过研究发现:各种企业可观测特征和不可观测因素对经营者股权激励水平有显著影响。在此基础上,以托宾Q值表示企业价值时,我们发现,对高科技企业来说,即使考虑到内生性影响,经营者股权激励与企业价值之间仍然存在强烈的区间效应,即经营者股权激励水平与企业价值之间存在倒U型关系。大力加强经营者股权激励的程度,将有助于高科技企业价值的提升。

This article is the first paper to study the determinants of managerial ownership and the link between managerial ownership and value in endogeneity about the Chinese listed firms. According to the requirement of study in endogeneity, we select high technology firms as the sample using balanced panel data between 2001 and 2004. The evidences suggest that observable and unobservable firm characteristics of firms affect managerial ownership..Moreover, we find Tobin＇Q initially increases with managerial ownership, then decreases—— an adverse U shape relation between the proportion of managerial ownership and firm value even after controlling both observed and unobserved firm characteristics. Therefore increasing the proportion of managerial ownership would be propitious to enhance the value of high technology firms.