“效率契约”还是“管理权力”?——公司治理对CEO股权激励的影响研究

“Efficiency Contract”or“Management Power”?——Research on the Influence of Corporate Governance on CEO’s Equity Incentive

效率契约理论和管理权力理论都探讨了公司治理与高管股权激励之间的关系,但结论并不一致。为了验证何种理论更为契合,本文借鉴并拓展以往学者的研究,实证检验了公司治理对CEO股权激励的影响。研究发现:(1)公司治理与CEO股权激励之间存在替代效应,即股权薪酬是公司治理工具,而有效公司治理可替代股权薪酬的激励作用;(2)影响CEO股权激励效用因素有三类:公司治理强度、经济性因素(如公司盈利情况等)和其他因素(如CEO个人特征等);(3)公司治理强度与经济性因素之间并不存在负相关,而与其引致的股权激励水平之间呈负相关;(4)管理权力理论更适用于解释公司治理强度与CEO股权激励之间的关系特征。由于组织激励管理目标和CEO股权收益目标一致,公司治理与CEO股权激励之间存在替代关系,组织会根据公司治理水平来调整股权激励计划,即调整CEO薪酬结构中股权薪酬比例。

Efficiency Contract Theory and Management Power Theory both discuss the relationship between corporate governance and executive equity incentive,but their conclusions are not consistent.In order to verify which theory is more suitable,the paper uses and expands the existing researches to empirically test the impact of corporate governance on CEO equity incentive.The results show that:1)there is an alternative effect between corporate governance and CEO equity incentive,as equity compensation is a corporate governance tool and effective corporate governance can replace the incentive effect of equity compensation;2)There are three types factors that influence the CEO equity incentive effectiveness:corporate governance intensity,economic factors(such as corporate profitability)and other factors(such as CEO personal characteristics);3)Strongth of corporate governance is not negatively correlated with economic factors,but there is a negative correlation between degree and equity incentive level.4)Management power theory is more suitable to explain the relationship between corporate governance intensity and CEO equity incentive.Because the goal of organizational incentive management is consistent with that of CEO’s equity return,there is an alternative relationship between corporate governance and CEO’s equity incentive.The organization will adjust the equity incentive plan according to the level of corporate governance,such as adjusting the proportion of equity compensation in CEO’s compensation structure.