摘要
本文运用我国上市公司2002-2005年的面板数据,对我国上市公司高管人员股权激励与投资决策之间交互作用及内生关系进行了实证检验,得出了以下主要结论:实行股票增值权公司的投资量较其他激励模式公司的投资量更大;我国上市公司高管人员股权激励对投资有显著的正影响;我国上市公司投资对高管人员股权激励有显著的正影响;我国上市公司高管人员股权激励与投资满足内生决定关系。
In this paper,using the panel data of China's listed companies from 2002 to 2005,we studies the interactional and endogenous relationship between top executives' stock-based compensation and investment decision.The main conclusions are:firstly,the investment of the company which used stock appreciation rights is larger than other company's;top executives' stock-based compensation influences investment decision positively and significantly;thirdly,investment decision has an positive and significant influence on top executives' stock-based compensation;finally,top executives' stock-based compensation and investment decision are endogenous.
出处
《会计研究》
CSSCI
北大核心
2008年第8期69-76,共8页
Accounting Research
