股权激励方式对审计需求影响的实证研究

分析股票期权和限制性股票两种股权激励方式对于审计需求的影响,并采用上市公司数据检验相关结论,结果表明:在股票市场行情不被看好时,由于被激励人对期权价值的悲观预期,股票期权的治理作用较弱,与审计需求负相关;同时,与股票期权相比,限制性股票有着更好的公司治理作用和较高的审计需求。上市公司治理层在选择股权激励时候,应当注意激励方式的选择,考虑股市行情带来的期权价值预期对股权激励效果的影响。

Influence of Equity Incentive Mode on Auditing Demand:An Empirical Study

Based on the related conclusion from the inspection of data of listed corporations, this paper demonstrates the impact of stock option and restricted stock on auditing demand. Results indicate that: under bear market background, due to the pessimistic expectations on option value, stock option has the weaker corporate governance effect, which is negatively correlated with auditing demand; Meanwhile, compared to option value, restricted stock has much better corporate governance effect and higher auditing demand. When the management of listed corporation choose equity incentive, attention should be paid to the choice of incentive mode and the expected effect of option value on equity incentive.