CAJ | 학술논문

借鉴F—S模型，将公平偏好理论融入到纳入股权激励的双重委托代理理论框架中，通过概率化模型的参与约束条件进行分析，为研究控股股东的利益侵害问题提供一个新的视角。结果表明：在双重委托代理分析框架中，股权激励的引入使得经理人同时具备所有者和经营者双重身份，能有效地激励经理人。并且，经理人的公平偏好感会使这种激励效果更加显著，一个具有较高公平偏好感的经理人愿意接受的股权比例也相对较高。在以股权相对集中或高度集中为主要特征的上市公司中，给公平偏好的经理人授予适度的股权激励，使其与中小股东保持一致的利益关系，在一定程度上能起到抑制控股股东掏空的作用。
차감F—S모형，장공평편호이론융입도납입고권격려적쌍중위탁대리이론광가중，통과개솔화모형적삼여약속조건진행분석，위연구공고고동적이익침해문제제공일개신적시각。결과표명：재쌍중위탁대리분석광가중，고권격려적인입사득경리인동시구비소유자화경영자쌍중신빈，능유효지격려경리인。병차，경리인적공평편호감회사저충격려효과경가현저，일개구유교고공평편호감적경리인원의접수적고권비례야상대교고。재이고권상대집중혹고도집중위주요특정적상시공사중，급공평편호적경리인수여괄도적고권격려，사기여중소고동보지일치적이익관계，재일정정도상능기도억제공고고동도공적작용。
This paper uses the F - S model as reference, and takes the fairness preference theory into the analysis framework of double principle - agent which considering equity incentive, it analyses by probity the participation constraints, it finds that the incentives by stock options to the managers may be even more significant under the fairness preference. And the managers expect higher proportion of stock options. In the listed companies which equity＇ s main feature is relatively concentrated or highly concentrated, giving a certain degree of equity incentive to the managers with fairness preference,can make the man-agers＇ interests be consistent with the small shareholders＇ interests. It can restrain the tunneling of large shareholders to a certain degree.