摘要
立足于高层梯队理论并结合激励理论,选取2006-2015年上深交所主板公告的实施股权激励方案的制造业上市企业为研究样本,利用层次回归的分析方法,研究高管股权激励和货币薪酬激励强度维度对企业价值的影响及高管特征的调节作用。研究表明:股权激励强度与企业价值显著负相关,薪酬激励强度对企业价值产生显著正向影响;高管特征在不同的激励机制中表现出显著不同的调节作用。研究认为:企业应适当降低高管股权比例,增加货币薪酬激励比重,优化高管团队人员结构,并建立分层激励机制,最终实现激励效果最优。
Based on upper echelons theory and incentive theory, this paper is tested with a sample of firms which have carried out in- centive plan listed in China from 2006 to 2015, to study the impact of intensity of executive incentive plan on enterprise value and the moderating effect of TMT characteristics by hierarchical regression analytical method. The results show that equity incentive intensity is negatively correlated with enterprise value, and salary incentive intensity has a significantly positive effect on enterprise value. The executive features have different moderating effects in different incentive mecha- nisms. The study indicates that enterprises should appropriately reduce the proportion of executive equity, increase capital incentive, optimize the structure of TMT, and establish a hierarchical incentive mechanism to achieve the goal of ultimate incentive effect.
出处
《企业经济》
北大核心
2016年第12期72-79,共8页
Enterprise Economy
基金
黑龙江省社会科学基金启动项目"黑龙江省小浆果产业发展研究"(项目编号:12B073)
黑龙江省应用技术研究与开发计划项目"黑龙江省农产品流通方式和流通业态创新研究"(项目编号:GC13D405)
关键词
高管激励
企业价值
高管团队
高管特征
executive incentive
enterprise value
TMT
executive features
