管理层股权激励公告与债券市场反应

Management Equity Incentive Announcements and Bond Market Reaction

管理层股权激励旨在缓解股东与管理层之间的代理冲突,但对债券市场的影响却鲜有讨论。本文采用事件研究法探究了债券市场对管理层股权激励公告的反应。研究发现,债券市场对管理层股权激励公告呈现消极反应,债券异常信用利差与股权激励强度显著正相关。债券市场与股票市场的跨市场检验支持了管理层股权激励存在财富转移效应。此外,在股东与债权人冲突水平较高、大股东持股水平较高和公司信息透明度较低的公司中,债券市场对管理层股权激励的消极反应与财富转移效应更显著。本文的研究丰富了管理层股权激励经济后果的文献,对维护债券市场平稳有序发展有一定的参考价值。

The aim of management equity incentives is to ease the agency conflict between shareholders and management,but its impact on the bond market is rarely discussed.This paper explores the reaction of the bond market to management equity incentive announcements by using the event study method.It finds that the bond market has a negative reaction to the management equity incentive announcements,and the abnormal credit spread of bonds has a significant positive correlation with the intensity of equity incentives.The cross-market test of the bond market and stock market supports the existence of the wealth transfer effect in management equity incentives.In addition,in companies with higher conflict levels between shareholders and creditors,higher holding level of major shareholders and lower transparency of corporate information,the bond market has a more significant negative reaction to management equity incentives and a more significant wealth transfer effect.The research of this paper enriches the literature on the economic consequences of management equity incentives and has certain reference value for maintaining the steady and orderly development of bond market.