股权激励、管理层权力与公司风险担当

Risk-taking is critical to the success of a firm, and also is the pillar to support the long-term economic growth of a country. However, due to the lack of long-term incentive mechanisms and the limited decision-making power, plus the impact of “collectivism” and “doctrine of golden mean”, firms in China are unwilling to engage in risk-taking overall, leading to a serious damage. However, the focus of domestic research is firm earning instead of risk. At the same time, most studies related to risk are normative research, lack of empirical research. This project break through the “fragmentary tendency” in previous research, based on the equity incentive plan implemented recently, extending to the specific equity incentive elements from the micro level, and further introduce managerial power, using the methods of theoretical and mathematical analysis, experimental and empirical analysis to study the impacts of equity incentive and managerial power on firm risk-taking. This project includes: ① the impacts of equity incentive on firm risk-taking; ② the impacts of managerial power on firm risk-taking; ③ the moderate effect of managerial power on the relationship between equity incentive and firm risk-taking; ④ the impacts of firm risk-taking on the efficiency of capital allocation and its mediate effect. This project will help to foster the entrepreneurship, inspect the implementing effects of equity incentive plan, explore the important role played by managerial power, and provide references for firms to promote risk-taking and improve equity incentive scheme.

风险担当对公司的成功至关重要，也是支持一国经济持续增长的支柱。但由于长期激励机制缺失和决策权受限，加上“集体主义”和“中庸思想”的影响，我国企业风险担当整体不足，造成了严重的损害。然而，国内学者“重收益轻风险”的研究倾向明显，且以定性讨论为主，相关实证研究缺乏。本项目突破以往研究内容“碎片化”倾向，立足我国新近实施的股权激励实际，从微观层面延伸至激励契约要素，并引入管理层权力，通过严谨的理论分析与数理推导、实验模拟和大样本经验研究，系统研究股权激励和管理层权力对公司风险担当的影响。研究内容包括：①股权激励对公司风险担当的影响；②管理层权力对公司风险担当的影响；③管理层权力对股权激励与风险担当间关系的调节作用；④公司风险担当对资本配置效率的影响及其中介效应。本研究有助于企业家精神的培育，检验股权激励的实施效果，探寻管理层权力所扮演的重要角色，为促进我国公司风险担当和完善股权激励方案提供参考。

风险担当对公司的成功至关重要，也是支持一国经济持续增长的支柱。但由于长期激励机制缺失和决策权受限，加上“集体主义”和“中庸思想”的影响，我国企业风险担当整体不足，造成了严重的损害。然而，国内学者“重收益轻风险”的研究倾向明显，且以定性讨论为主，相关实证研究缺乏。本项目突破以往研究内容“碎片化”倾向，立足我国新近实施的股权激励实际，并引入管理层权力，通过严谨的理论分析和大样本经验研究，系统研究股权激励和管理层权力对公司风险担当的影响，并在此基础上对项目研究内容进行适当扩展。本项目收集和梳理了国内外相关文献，通过对相关理论的归纳和分析，构建了股权激励、管理层权力与公司风险担当的关系模型。从股权激励、管理层权力、公司治理（终极股权、金字塔结构、董事会、管理层特征等）等视角探讨了公司风险担当的影响因素，从资本配置效率、企业价值、债务期限、债务成本和投资效率等多个视角研究了公司风险承担的经济后果，同时在研究时注重将公司风险担当的影响因素和经济后果放入统一框架来进行研究。本项目的研究有助于我国公司企业家精神的培育，检验股权激励的实施效果，探寻管理层权力所扮演的重要角色，为促进我国公司风险担当和完善股权激励方案、提升企业竞争力提供参考。