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(7)

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

参考文献:

[1]Aboody,D1&,R1CEOStockOptionAwardsandtheTimingofCorporateVoluntaryDisclosures[J]1JournalofAccounting

andEconomics,2000,(29)1

[2]Bergstresser,D1&PhilipponT1CEOIncentivesandEarningsManagement[J]1JournalofFinancialEconomics,2006,80,(3)1

[3]Bryan,S1,Hwang,L1&Lilien,S1CEOStock2basedCompensation:anEmpiricalAnalysisofIntensity,RelativeMix,andEconomicDeterminants[J]1JournalofBusiness,2000,(73)1

[4]Burns,N1&S1Kedia1TheImpactofPerformance2basedCompensationonMisreporting[J]1JournalofFinancialEconomics,2006,(79)1

[5]Carpenter,J1N1&Remmers,B1ExecutiveStockOptionExercisesandInsideInformation[J]1JournalofBusiness,2001,74,(4)1[6]Carter,M1E1,&Lynch,L1J1AnExaminationofExecutiveStockOptionRepricing[J]1JournalofFinancialEconomics,2001,61,(2)1

[7]Coles,J1L1,Hertzel,M1&Kalpathy,S1EarningsManagementAroundEmployeeStockOptionreissues[J]1JournalofAccountingandEconomics,2006,(41)1

[8]Fenn,G1W1&Liang,N1CorporatePayoutPolicyandManagerialStockIncentives[J]1JournalofFinancialEconomics,2001,(60)1

[9]Hall,B1J1&Liebman,J1B1AreCEOsReallyPaidLikeBureaucrats?[J]1QuarterlyJournalofEconomics,1998,113,(August)1[10]Hall,B1J1&Murphy,K1J1OptimalExercisePricesforExecutiveStockOptions[J]1TheAmericanEconomicReview,2000,90,(2)1

[11]Huddart,S1&Lang,M1InformationDistributionwithinFirms:EvidencefromStockOptionExercises[J]1JournalofAccountingandEconomics,2003,(34)1

[12]Ittner,C1D1,Lambert,R1A1&Larcker,D1F1TheStructureandPerformanceConsequencesofEquityGrantstoEmployeesofNewEconomyFirms[J]1JournalofAccountingandEconomics,2003,(34)1

[13]刘浩,孙铮1公允价值的目标论与契约研究导向[J]1北京:会计研究,2008,(1)1

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

百度搜索“77cn”或“免费范文网”即可找到本站免费阅读全部范文。收藏本站方便下次阅读，免费范文网，提供经典小说教育文库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(7)在线全文阅读。