行业锦标赛激励与企业投资效率

Industry Tournament Incentives and Investment Efficiency of Company

本文以2010—2019年间中国资本市场A股上市公司为研究样本,采用多元线性回归、两阶段最小二乘法和倾向得分匹配法实证考察行业锦标赛激励对企业投资效率的影响及其相应的情境特征和影响机制。研究结果表明:行业锦标赛激励显著提高了企业投资效率;行业锦标赛的激励效应在不同情境特征下存在明显差异,表现为当CEO参与行业锦标赛竞争意愿较强和CEO职业生涯发展预期较高时,行业锦标赛激励对企业投资效率的促进作用更强烈。进一步研究发现,行业锦标赛激励通过缓解代理成本进而提升了企业投资效率,主要表现为过度投资水平降低,代理成本在其中发挥了中介作用。本文从薪酬激励视角考察了CEO的投资决策行为,研究结论丰富了行业锦标赛激励方面的相关文献,同时为如何有效提高企业投资效率提供了理论依据。

Taking the A-share listed companies in China's capital market from 2010 to 2019 as the research sample,and using multiple linear regression,2SLS and PSM to examine the impact of industry tournament incentives on company's investment efficiency and its corresponding situational characteristics empirically.The study finds that industry tournament incentives have improved company's investment efficiency significantly;There are significant differences in the incentive effect of industry tournament incentives in different situations,which is reflected in the fact that the incentive effect of industry tournament incentives on investment efficiency is stronger when the CEO has strong competitive intention to participate in industry tournament and the CEO has high career development expectation;Further tests show that industry tournament incentives improve company's investment efficiency by alleviating agency costs,which is mainly manifested in the reduction of excessive investment levels,and agency costs play an intermediary role.This paper examines the CEO's investment decision-making behavior from the perspective of compensation incentives.The research conclusions enrich the existing literature on industry tournament incentives and also provide a theoretical basis for how to company's investment efficiency effectively.