管理层激励、资本结构与上市公司价值创造

本文基于带有交叉乘积项的线性分位数回归模型，一方面，通过回归系数显著性检验、同质性检验与对称性检验，揭示各因素对公司价值创造影响方式的异质性；另一方面，通过条件密度预测方法，细致地刻画各因素的变动对价值创造整个条件密度的影响。实证结果表明：实施激励措施可以显著提高上市公司价值创造，但不同的激励方式对公司价值创造能力的影响并无显著差异；无论是薪酬激励还是股权激励，都会导致公司价值创造出现两极分化的现象，这为制订合理的政策措施来提升公司价值创造提供了决策依据。

MANAGEMENT INCENTIVE, CAPITAL STRUCTURE AND VALUE CREATION OF LISTED COMPANY

Based on the linear quantile regression model with interaction term, this paper investigates two stylized facts in company management The first one is to investigate the heterogeneous way of the impact on company value creation by three test The other is to describe how the conditional density of company value creation is affected by those factors through conditional density forecast The results show that: the implementation of incentive measures could improve the company value creation ability drastically, but different incentive methods have similar influence on the company value creation abilityBoth salary incentive and equity incentive can lead to the polarize phenomenon in company value creation, which plays an important role in improving company value creation