管理层股权激励、权力与公司多元化战略

MANAGEMENT EQUITY INCENTIVE,POWER AND CORPORATE DIVERSIFICATION STRATEGY

以我国沪深A股上市公司为研究样本,分析了管理层股权激励对公司国际多元化和经营多元化的影响,并探讨管理者权力对前述关系的影响。实证研究结果表明:管理层股权激励能够促进公司经营多元化水平的提高,但却抑制了国际多元化水平。进一步研究表明,管理者权力能够显著增强管理层股权激励和国际多元化之间的负向关系,也能够显著增强管理层股权激励和经营多元化之间的正向关系。该研究对完善上市公司管理层激励契约设计以及促进上市公司多元化战略实施具有一定的启示意义。

Taking China’s Shanghai and Shenzhen A-share listed companies as the research sample,we analyze the impact of management equity incentive on corporate international diversification and business diversification,and explore the impact of managerial power on the relationship.The empirical research results show that management equity incentive can promote the improvement of company’s diversification level,but it inhibits the level of international diversification.Further research shows that managerial power can significantly enhance the negative relationship between management equity incentive and international diversification,as well as the positive relationship between management equity incentive and business diversification.This research has certain enlightenment for improving the design of incentive contracts for management and promoting the implementation of diversification strategies of listed companies.