基于倾向得分匹配法的股权激励与多元化战略关系的实证研究

Empirical Research on Relationship between Equity Incentive and Diversification Strategies Based on Propensity Score Matching Method

多元化战略是企业扩张的主要途径,随着多元化战略在企业内的大力推广和实施,同时也为企业带来了一定的多元化折价问题。股权激励作为解决企业多元化折价的主要途径,其可以有效解决企业内存在的委托代理问题,并对企业行为产生积极的影响,如何确保股权激励计划的有效开展也成为了许多企业管理者重点关注的内容。

Diversification strategyis the main channel forcorporate expansion. Along with the vigorouspromotion and implementation of diversification strategies in companies,the problem of diversification discountemerges to a certain degree. As the main solution to the problem of diversification discount, equity incentivecan effectively solve the problem of principal-agent problemin such companies and positively impacttheir behaviors.How to ensure the effective implementation of equity incentive planshas become the focus of attention of the management.Therefore, based on the Propensity Score Matching method,this article chooses the sample data of listed companiesfrom 2008 to 2017 in China and empirically analyzesthe relationship between equity incentivesand corporate diversification strategies, so as to serve as theoreticalevidenceofthe companies’ equity incentive plans and promote the healthy development of companies in China.