多元化战略对管理层激励的影响研究——基于国际多元化和行业多元化的比较分析

On the Impact of Diversification Strategies on Management Incentives:Comparative Analysis Between International Diversification and Industrial Diversification

从理论上看,国际多元化战略和行业多元化战略与管理层薪酬激励显著正相关,并且二者对管理层薪酬激励存在显著的交叉效应;但国际多元化和行业多元化对管理层股权激励的影响存在截然相反的影响,并且这种影响受到第一大股东持股比例的调节。实证研究则发现,国际多元化显著提高了管理层薪酬水平,而行业多元化显著降低了管理层持股比例;二者对管理层薪酬水平存在显著的正的交叉效应;第一大股东持股比例会调节多元化战略对管理层激励的影响。

In theory,the adoption of international diversification strategy and industrial diversification strategy can exert a positive impact on the development of compensation incentive for the management,and there exists significant cross effect;yet the effect of both strategies on equity incentive for management is completely opposite,and is moderated by the shareholding ratio of the largest shareholder.The empirical study indicates that international diversification strategy significantly improves the management compensation level,whilethe otherremarkablely reduces the proportion of management shareholding;and both display a significant positive cross effect on management compensation level;the proportion of the largest shareholder may adjust the relationship between the diversification strategies and management incentives.