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本文以2010-2013年在沪、深两地上市的A股上市公司为研究样本,采用实证研究方法,分析了股权激励契约各要素对投资异化行为的抑制作用。研究发现:在我国实施股权激励的上市公司中,投资过度与投资不足同时存在,且行权条件和激励年限要素能显著抑制这两种投资异化行为,激励力度与激励方式对公司投资异化行为不存在显著影响。本文研究结果对实务界和理论界正确认识股权激励的实施效果有一定的参考意义。
This paper takes the A-share listed companies listed in Shanghai and Shenzhen from 2010 to 2013 as the research sample, and uses the empirical research method to analyze the inhibitory effect of the various elements of the equity incentive contract on the alienation of investment. The results show that: in the listed companies that implement equity incentive in our country, overinvestment and underinvestment exist at the same time, and the exercise conditions and elements of the incentive period can significantly inhibit the alienation behavior of the two kinds of investment. There is a significant impact. The results of this paper have certain reference value for the practical and theoretical circles to correctly understand the effect of equity incentive.