财经理论与实践
財經理論與實踐
재경이론여실천
THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS
2015年
1期
39-45
,共7页
股权激励%薪酬差距%权益资本成本
股權激勵%薪酬差距%權益資本成本
고권격려%신수차거%권익자본성본
Equity incentive%Executive overconfidence%Cost of equity capital
基于行为金融的视角，从管理者过度自信角度解释了我国股权激励计划实施效果不佳的困惑。实证结果表明，我国实施股权激励计划会在高管过度自信的条件下对上市公司权益资本成本产生影响：股权激励计划的实施提高了上市公司高管过度自信水平；股权激励与高管过度自信的相互作用使得上市公司权益资本成本显著升高。这意味着从管理者过度自信的角度考察股权激励对企业权益资本成本造成的影响，可能会更好地解释股权激励的价值效应。
基于行為金融的視角，從管理者過度自信角度解釋瞭我國股權激勵計劃實施效果不佳的睏惑。實證結果錶明，我國實施股權激勵計劃會在高管過度自信的條件下對上市公司權益資本成本產生影響：股權激勵計劃的實施提高瞭上市公司高管過度自信水平；股權激勵與高管過度自信的相互作用使得上市公司權益資本成本顯著升高。這意味著從管理者過度自信的角度攷察股權激勵對企業權益資本成本造成的影響，可能會更好地解釋股權激勵的價值效應。
기우행위금융적시각，종관리자과도자신각도해석료아국고권격려계화실시효과불가적곤혹。실증결과표명，아국실시고권격려계화회재고관과도자신적조건하대상시공사권익자본성본산생영향：고권격려계화적실시제고료상시공사고관과도자신수평；고권격려여고관과도자신적상호작용사득상시공사권익자본성본현저승고。저의미착종관리자과도자신적각도고찰고권격려대기업권익자본성본조성적영향，가능회경호지해석고권격려적개치효응。
Based on the behavioral finance,this paper explained the implementation of equity incentive plan in our country from the point of view of executive overconfidence.The empirical result showed that the implementation of equity incentive plan in our country had an impact on the cost of equity capital under the condition of executive overconfidence.The implementation of equity incentive plan raised the level of executive overconfidence.The interaction of equity incen-tive and executive overconfidence made a significant rise in the cost of equity capital of listed com-panies.This meant that our research on the impact of equity incentive to the cost of equity capital from the perspective of executive overconfidence,better explained the value of the equity incen-tive effect.
