上市公司管理层股权激励研究的近期进展

基于坚实的理论基础和丰富的数据支持,有关管理者股权激励问题的研究获得迅速发展。对股权激励问题开展研究不仅有助于更有效合理地设计管理层股权激励契约、缓和委托代理问题,还有利于充分揭示股权激励实施过程中可能产生的负面影响。本文对近年来海外研究上市公司管理层股权激励的进展进行综述,主要包括管理层股权激励的理论基础、股权激励的业绩效应、股权激励对公司盈余管理,以及股东价值和债权人价值的影响等方面的内容,以期为我国加强这方面的研究与实践探索提供参考。

The Development of Overseas Studies on Listed Companies Managerial Equity Incentives

Management equity incentives as corporate governance in the modern company have been widely used.Based on solid theoretical foundation and rich data environment,relevant research on management equity incentives develop rapidly.To research equity incentives not only helps the rational design of more effective management equity incentives contract,to ease agency problems,but also reveals the negative effects.As literature review on equity incentives,we reviewed the research from the following aspects,includin...