股权激励计划对公司投资行为的影响

The Effect of the Stock Option Plans on Corporate Investment Behaviors

本文研究我国股权激励计划对公司投资行为的影响。我们发现,股权激励机制有助于抑制上市公司的非效率投资行为,具体地,相比非股权激励公司,推出股权激励方案的公司抑制了投资过度行为,也缓解了投资不足的问题。本文研究表明,我国上市公司既存在投资过度的情形,也存在投资不足的问题,总体上,我国的股权激励制度有助于缓解管理层和股东的利益冲突,通过抑制公司非效率投资的路径间接实现了降低代理成本的目的。本文的研究提供了股权激励制度合理性的证据,也为监管层加强公司监管提供了有益参考。

In this article,we have studied the effect of China's plan of stimulation in stock ownership(SISO) on companies' behavior of investment.We have found that the mechanism of SISO helps to mitigate companies' inefficient investment behavior,concretely speaking,compared with companies without SISO,companies with the plan of SISO have restrained the overinvestment behaviors and alleviated underinvestment behaviors.The results of our study in this paper show that there exist both overinvestment and underinvestment in China's listed companies,that,on the whole,China's system in the SISO is conducive to easing the conflicts in interests between managers and stock owners,and that this system has indirectly accomplished the objective of the reduction of agency costs.This study has offered evidences for the rationality of the system of SISO,and helpful references for supervisors in strengthening the supervision of companies.