目前围绕股票期权激励对高管风险承担影响的研究结论不一。经典代理理论基于代理人风险规避假设,认为授予高管股票期权越多,收入就越具凸性,其风险承担水平也就越高;而行为代理理论突破这一假设后却认为,高管对股票期权产生心理禀赋,其...目前围绕股票期权激励对高管风险承担影响的研究结论不一。经典代理理论基于代理人风险规避假设,认为授予高管股票期权越多,收入就越具凸性,其风险承担水平也就越高;而行为代理理论突破这一假设后却认为,高管对股票期权产生心理禀赋,其风险承担水平并不随着股票期权授予的增加而提高。将股票期权激励区分为预期价值和禀赋价值两种异质价值,运用P-P法和F-L法两种测量高管风险承担水平的方法,以2006年至2016年中国沪深上市公司为分析样本,采用面板数据固定效应模型研究股票期权激励两种异质价值分别与高管风险承担的关系;在此基础上,进一步考察股票期权激励异质价值对不同产业下高管风险承担方向的影响,并借鉴HOVAKIMIAN et al.的研究思想构建最优风险承担估计模型,探讨股票期权激励是否导致高管过度风险承担的问题。研究结果表明,①股票期权激励预期价值与高管风险承担呈显著正相关关系,股票期权激励禀赋价值与高管风险承担呈显著负相关关系。②货币薪酬强化了股票期权激励预期价值与高管风险承担的正相关关系,弱化了股票期权激励禀赋价值与高管风险承担的负相关关系;任职危机弱化了股票期权激励预期价值与高管风险承担的正相关关系,也弱化了股票期权激励禀赋价值与高管风险承担的负相关关系;但在职消费对上述关系的影响并不明显。③股票期权激励异质价值对不同产业类型高管风险承担影响的方向有所不同,在高科产业中,主要影响高管研发投入和经营集中度方面的风险承担;在传统产业中,主要影响研发投入和杠杆水平方面的风险承担。另外,高管对股票期权激励预期价值的追逐导致其过度风险承担。研究结果对经典代理理论与行为代理理论的分歧给予了一个新的解释。建议公司在制定高管股票期权激励计划时统筹考虑行权价格、薪酬组合和业绩考核标准等因素,以促进激励目标的达成。展开更多
Evaluations connect ecosystem and human welfare to achieve restoration. There have been an increasing number of studies conducted on various ecosystem service assessments, but little research has focused on inland riv...Evaluations connect ecosystem and human welfare to achieve restoration. There have been an increasing number of studies conducted on various ecosystem service assessments, but little research has focused on inland river basins playing a critical role in development in northwestern China. The distinct differences in natural endowment, socioeconomic characteristics among the upper, middle and downstream inland river basin require heterogeneity during evaluation. The objective of this study was to verify the existence of population preference heterogeneity and examine impact factors using choice experiment surveys in the Shiyang River Basin, China. A mixed logit model using data from 714 households across the entire basin estimated mean willingness to pay and the standard deviation for ecological attributes. Ordinary least squares（OLS） was employed to estimate the effects of exogenous variables on all willingness to pay estimations. The results demonstrate that ecosystem service values are heterogeneous among people. Willingness to pay is affected by personal and regional characteristics. Government involvement will be required to seek differentiated ecosystem services values among populations and facilitate public support.展开更多
文摘目前围绕股票期权激励对高管风险承担影响的研究结论不一。经典代理理论基于代理人风险规避假设,认为授予高管股票期权越多,收入就越具凸性,其风险承担水平也就越高;而行为代理理论突破这一假设后却认为,高管对股票期权产生心理禀赋,其风险承担水平并不随着股票期权授予的增加而提高。将股票期权激励区分为预期价值和禀赋价值两种异质价值,运用P-P法和F-L法两种测量高管风险承担水平的方法,以2006年至2016年中国沪深上市公司为分析样本,采用面板数据固定效应模型研究股票期权激励两种异质价值分别与高管风险承担的关系;在此基础上,进一步考察股票期权激励异质价值对不同产业下高管风险承担方向的影响,并借鉴HOVAKIMIAN et al.的研究思想构建最优风险承担估计模型,探讨股票期权激励是否导致高管过度风险承担的问题。研究结果表明,①股票期权激励预期价值与高管风险承担呈显著正相关关系,股票期权激励禀赋价值与高管风险承担呈显著负相关关系。②货币薪酬强化了股票期权激励预期价值与高管风险承担的正相关关系,弱化了股票期权激励禀赋价值与高管风险承担的负相关关系;任职危机弱化了股票期权激励预期价值与高管风险承担的正相关关系,也弱化了股票期权激励禀赋价值与高管风险承担的负相关关系;但在职消费对上述关系的影响并不明显。③股票期权激励异质价值对不同产业类型高管风险承担影响的方向有所不同,在高科产业中,主要影响高管研发投入和经营集中度方面的风险承担;在传统产业中,主要影响研发投入和杠杆水平方面的风险承担。另外,高管对股票期权激励预期价值的追逐导致其过度风险承担。研究结果对经典代理理论与行为代理理论的分歧给予了一个新的解释。建议公司在制定高管股票期权激励计划时统筹考虑行权价格、薪酬组合和业绩考核标准等因素,以促进激励目标的达成。
基金the National Social Science Major Funding(15ZDA052)the National Natural Science Foundation of China(71373209)
文摘Evaluations connect ecosystem and human welfare to achieve restoration. There have been an increasing number of studies conducted on various ecosystem service assessments, but little research has focused on inland river basins playing a critical role in development in northwestern China. The distinct differences in natural endowment, socioeconomic characteristics among the upper, middle and downstream inland river basin require heterogeneity during evaluation. The objective of this study was to verify the existence of population preference heterogeneity and examine impact factors using choice experiment surveys in the Shiyang River Basin, China. A mixed logit model using data from 714 households across the entire basin estimated mean willingness to pay and the standard deviation for ecological attributes. Ordinary least squares（OLS） was employed to estimate the effects of exogenous variables on all willingness to pay estimations. The results demonstrate that ecosystem service values are heterogeneous among people. Willingness to pay is affected by personal and regional characteristics. Government involvement will be required to seek differentiated ecosystem services values among populations and facilitate public support.
