【摘要】 通过分析管理层权力1在大股东所有权与股权激励效果之间的中介作用,考察大股东所有权性质及持股比例对股权激励效果的影响,并利用我国上市公司2007-2012年的面板数据对这一影响进行检验。理论与实证结果均表明,国有控股股东持股比例的提高有助于增强股权激励的效果,而提高民营控股股东的持股水平会抑制股权激励的治理效应。上述研究发现对我国上市公司激励契约的设计具有参考价值,而基于管理层权力经济后果的分析则为契约签订及执行中如何合理配置管理层的权力提供了思路。更多还原

【Abstract】 Through analysis on the intermediary role of managerial power on large shareholders and equity incentive,this paper has investigated the effect of the property of large shareholder ownership and shareholding ratio on equity incentive,and then has tested this effect with the panel data of Chinese listed companies during the period of 2007-2012 years.The theory and empirical results show that the increase in the proportion of state-owned shareholders will help to strengthen the effect of equity incentive,but the increase in the ownership of private shareholders will restrain the governance effect of equity incentive.The above research have significance on Chinese listed companies’ incentive contract design,and the analysis on the economic outcome on account of managerial power provides a resolution to the rational allocation of management power in signing and performing contract.更多还原