股权激励与企业债务结构——来自A股上市企业的经验证据

Equity Incentive and Corporate Debt Structure——Empirical Evidence from A-share Listed Enterprises

以2005—2020年沪深A股上市企业为研究样本,探究股权激励的实施对企业债务结构的影响。研究发现,实施股权激励对债务来源结构的影响表现为增加了经营负债比重,降低了金融负债比重;对债务期限结构的影响表现为增加了短期负债比重,降低了长期负债比重。机制检验发现,股权激励通过提升企业风险承担水平这一潜在机制影响企业债务结构的选择。异质性分析表明,股权激励的实施对企业债务结构的影响在成长性较高、管理层平均年龄较大的企业会更加显著。

This paper takes A-share listed companies in Shanghai and Shenzhen from 2005 to 2020 as research samples to explore the impact of equity incentive implementation on corporate debt structure.The results show that the effect of equity incentive on the debt source structure is to increase the proportion of operating debt and reduce the proportion of financial debt;the impact on the maturity structure of debt shows that the proportion of short-term debt increases and the proportion of long-term debt decreases.Mechanism test shows that equity incentive affects the choice of corporate debt structure through the potential mechanism of improving the level of corporate risk taking.Heterogeneity analysis shows that the effect of equity incentive on corporate debt structure is more significant in enterprises with higher growth and older average management age.The research results of this paper can help enterprises clarify the conflicts of interest between executives and creditors,and provide solutions for enterprises to alleviate the conflicts between them.