制度环境、管理层股权激励与债务期限结构

Institutional Environment,Managerial Stock Incentives and Debt Maturity Structure

本文以股权分置改革为例,研究股权制度变化对管理层股权激励与债务期限结构的影响。研究结果表明,股权分置改革改善了管理层股权激励的治理效应,降低了长期负债比重。股权制度变化对国有公司管理层股权激励与债务期限结构产生正面影响,而对非国有公司没有显著影响。最终结论是:制度环境和产权性质是影响管理层股权激励与债务期限结构关系的重要因素.这对于研究国有公司股权激励效应及完善公司治理具有重要意义,也为从制度层面研究债务期限结构提供了一个有益视角。

Based on ownership-split reform as a natural experiment, the paper has studied the impact of the change of institutional ownership environment on the relation of managerial stock incentives and debt maturity structure. We find that ownership-split reform improves the effectiveness of managerial stock incentives and reduces the long term debt. Furthermore, the institutional environment has positive impact on the managerial stock incentives effect of state-owned listed companies, but has nothing in non- state-owned firms. It shows that the institutional environment and property have great influence on the relation of managerial stock incentives and debt maturity structure. It is of vital realistic significance to study managerial stock incentives of state-owned listed companies and improve corporate governance. It also provides a new and important perspective for study on debt maturity structure from institution.