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合理有效的股权激励机制能对约束经理层的自利和短视行为起到积极作用,从而达到降低企业资本成本、提升企业价值的目的。本文根据我国上市公司的数据进行实证研究后发现,实施高管股权激励后,上市公司的资本成本并未显著降低,反而在一定程度上加大了管理层权力,增加了代理成本。进一步研究发现,企业通过实施内部控制审计,能够抑制股权激励带来的负面效应,通过股权激励机制从激励和监督两方面完整实现委托代理机制带来的治理目的。
Reasonable and effective equity incentive mechanism can play an active role in restraining managers’ self-interest and short-sighted behavior, so as to achieve the purpose of reducing the cost of capital and enhancing the value of the enterprise. The empirical study based on the data of listed companies in our country found that after the implementation of executive incentive, the capital cost of listed companies did not significantly reduce, but to some extent, increased management power and increased agency costs. Further study found that through the implementation of internal control audit, enterprises can restrain the negative effects brought by equity incentive, and realize the governance purpose brought by principal-agent mechanism from incentive and supervision through equity incentive mechanism.