西方股权激励契约结构研究综述_兼论对中国上市公司股权激励制度的启示
设计与执行,那么就需要对西方模式下的契约结构进行适应中国环境的创新,也许这是中国上市公司管理层激励中所应当深入思考的问题。本文希望能
为中国上市公司激励方案的改进与研究提供基于契约结构的启发
。
图-,10)天窗口的CAR(%)变化
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ALiteratureReviewonStructureandEffectsofWesternEquityIncentiveContracts:Togetherwith
DiscussiononImplicationforChineseListedCompanies
LIUHao,SUNZheng
(InstituteofAccountingandFinance,ShanghaiUniversityof
FinanceandEconomics,Shanghai,200433,China)
Abstract:Fromthedirectanalysistotherelationbetweenequityincentiveandperformanceofcompa2nies,theresearchershavedeepinterestsonhowthestructureofcontractstoaffecttherelation1Thispa2perreviewsthewesternliteratures1Weanalyzethekeystepsincludingchoiceofcontracttypes,termsde2signing,manipulationandmodifying,anddiscusstheeconomicconsequence1Wewanttoproviderefer2encesfortheresearchesandarrangementsonChineselistedcompanies’equityincentives:thepoorstruc2tureofcontractwillmakeinefficientresults1
KeyWords:equityincentives;structureofcontracts;economicconsequence;literaturereview
(责任编辑:欣 然)
172经济管理 2009104