经理激励_负债与企业价值

、*。。2002—2008A。、。*、[e-mail]。70972129、70972130。11XNH086。、、、、、、、。。①。2001。。。。、Berle＆Means1932。Jensen＆Meckling1976Jensen1986Shleifer＆Vishny1989。“”2001。Holmstrom1979。Lewellen＆Huntsman1970MorckShleiferandVishny1988。Jain2006①Hart＆Moore1998。Modigliani＆Miller196364、、Grossman＆Hart1982、Jensen1986、Harris＆Raviv1990。Denis＆Denis1993McConnell＆Servaes1995。。interdependentBerkovitchetal．2000Mirrlees1976Holmstrom1979Jensen＆Meckling1976Grossman＆Hart1982。Berkovitchetal．2000。。“”job-securityeffect“”free-cash-floweffect。compensation。。/“”。Jain2006Berkovitchetal．2000。Jain2006/。“”。。Jain2006Berkovitchetal．2000。。。301992“”。①、2003。“”2008。。2002—2008A7420115①20011027992008354064。①。。“”。。。。、。、。、。Williamson1964、、、。、。Morcketal1988Himmelbergetal1999。。101.28%。2008。。84、、①。2008、2009、2009。。2003。Williamson1964。Rajan＆Wulf20062009Chenetal．2010。2009“”。。Rajan＆Wulf20063001986—1999surveydataproductivity。。、Harveyetal2004Himmelbergetal1999Ortiz-Molina2007。、SEM3SLS。OLS。Harveyetal．2004、2009ⅠQit=α0+α1COMPit+α2COMPit×LEVit+α3LEVit+α4SIZEit+α5CEit+α6MHOLDit+α7TOP1it+∑α1tt+∑α2iψi+εit1LEVit=β0+β1COMPit+β2Qit+β3SIZEit+β4TANGit+β5OIit+β6TOP1it+∑β1tt+∑β2iψi+εit2COMPit=γ0+γ1Qit+γ2LEVit+γ3SIZEit+γ4ROAit+γ5MHOLDit+∑γ1tt+∑γ2iψi+εit31。Morcketal．1988、2005Q。①COMPLEV。COMP×LEV9420115①2005Q×+×+/。。Morcketal．1988、Harveyetal．20042005。SIZECE①TOP1。φΨ。2LEVQCOMP。Harveyetal．2004Q、、。②2009TOP1。。3COMPQLEV。Ortiz-Molina20072009SIZE、ROA、MHOLD。③Ⅱ。Ⅰ45Harveyetal．200462005。Qit=α0+α1PERKit+α2PERKit×LEVit+α3LEVit+α4SIZEit+α5CEit+α6MHOLDit+α7TOP1it+∑α1tφt+∑α2iψi+εit4LEVit=β0+β1PERKit+β2Qit+β3SIZEit+β4TANGit+β5OIit+β6TOP1it+∑β1tφt+∑β2iψi+εit5PERKit=γ0+γ1Qit+γ2LEVit+γ3SIZEit+γ4CFit+γ5RPAYit+γ6MHOLDit+∑γ1tφt+∑γ2iψi+εit641PERKCOMP。PERK×LEV。52COMPPERK。6PERK。Rajan＆Wulf200605、、①②③Q。。、、Q。/OIHarveyetal．2004、Lemmonetal．20082007ROA。2005、2009“、、、、、、”。2005SIZE、CF/、RPAY/、MHOLD。φΨ。。。2008200319992007。。。20052009。。2004。。2007。2009。、、2007。1999。。。ⅠⅡ、、。、2002—2008A。①CCERCSMAR。12IPO304。1520115①2002。2002。841287.2%。349636.2%。n=8412Ⅰn=3496Ⅱ。21。、1。1Q1.22111.01680.65441.21481.01890.6417COMP11.997312.03490.882211.992512.03170.8700MHOLD0.01280.00000.06890.01330.00000.0719LEV0.49850.50870.18240.49050.50110.1813SIZE21.350221.24441.033721.308221.25040.9735TANG0.47100.46710.17030.47730.47460.1659CE0.06180.04250.06090.06510.04600.0613OI0.66730.54480.48840.71300.59260.5034TOP10.39450.37390.16420.39210.37460.1602ROA0.01740.01610.05010.01900.01600.0473State-owned0.69831.00000.45900.71771.00000.4502MINDEX7.40127.50001.99907.20086.86001.9059PERK－－－13.087313.12141.3725CF－－－0.05510.05310.0753RPAY－－－5.61744.21954.9783Observations84123496Q1.22111.01680.6544。2002－200823.8816.85。LEV0.49850.50870.1824。1。。118.1123.885。2009。、I3SLS25、、、1OLS。2。COMPLEV。COMP×LEVJain2006“”。、①1%23889970.010.49850.5085132。。COMP。Friend＆Lang1988。2004“”。2、②Three-stageleastsquares1OLSregression2Tobin'sQLeverage③CompensationTobin'sQIntercept2.633＊＊＊COMP1.329＊＊＊－2.793＊＊＊0.197＊＊＊LEV20.447*－0.0293.587＊＊＊COMP×LEV－1.699*－0.287＊＊＊Q8.077＊＊＊1.798＊＊＊SIZE－0.294＊＊＊2.272＊＊＊0.621＊＊＊－0.181＊＊＊CE－0.0150.310＊＊＊TANG0.569＊＊＊OI0.031ROA1.461＊＊＊MHOLD－0.087－0.004－0.052TOP1－0.097＊＊1.211＊＊＊－0.346＊＊＊YearYesYesYesYesIndustryYesYesYesYesAdjustedR2－－－0.5104Observations84128412P-value0.0000.0000.0000.000P。*、＊＊、＊＊＊10%5%1%。3520115①②③。1%238791×1%≈23882068935374×1.329－1.699×0.4985/100≈99732729970.012068935374×20.447－1.699×11.9973/100≈1315580132。。。。Harveyetal2004Q、、。、Q。。Harveyet．al2004Himmelberget．al1999LEVCOMP。、。OLS25OLS。。、II43SLSOLS、3。3、Three-stageleastsquares1OLSregression2Tobin'sQLeveragePerkTobin'sQIntercept3.614＊＊＊PERK0.883＊＊＊0.646＊＊＊0.095＊＊＊LEV10.593＊＊1.374＊＊＊1.855＊＊＊PERK×LEV－0.860＊＊－0.129＊＊＊Q－1.014＊＊＊2.270＊＊＊SIZE－0.426＊＊＊－0.550＊＊＊0.982＊＊＊－0.184＊＊＊CE0.1430.330＊＊TANG0.185＊＊＊OI－0.069＊＊＊CF－0.430RPAY－0.006MHOLD－0.142－0.286*－0.012TOP1－0.0610.038－0.263＊＊＊YearYesYesYesYesIndustryYesYesYesYesAdjustedR2－－－0.5230Observations34963496P-value0.0000.0000.0000.000P。*、＊＊、＊＊＊10%、5%、1%。3PERK2009Chenetal．2010。PERK×LEV。PERK1%。、、“”。LEV。。RPAYMHOLD45、、、。ⅠⅡ。、“”19992007。。。。ⅠⅡ。4、。4、State-ownedenterprises3SLSNon-state-ownedenterprises3SLSTobin'sQLeverageCompensationTobin'sQLeverageCompensationCOMP0.338－1.847＊＊2.253＊＊＊－0.826＊＊＊LEV0.3910.01239.838＊＊＊－0.575＊＊＊COMP×LEV－0.022－3.293＊＊＊Q6.868＊＊2.045＊＊＊2.142＊＊＊1.415＊＊＊SIZE－0.244＊＊＊1.603＊＊0.582＊＊＊－0.397＊＊＊0.837＊＊＊0.723＊＊＊CE－0.0160.233＊＊TANG0.440＊＊0.301＊＊＊OI－0.567＊＊－0.038ROA2.108＊＊＊1.373＊＊＊MHOLD－0.2170.156－0.191＊＊0.072TOP1－0.100*0.753－0.148＊＊0.525＊＊＊YearYesYesYesYesYesYesIndustryYesYesYesYesYesYesObservations58742538P-value0.0000.0000.0000.0000.0000.000P。*、＊＊、＊＊＊10%、5%、1%。。。。55201155%。“”2005。5。5、。。2008。。。5、State-ownedenterprises3SLSNon-state-ownedenterprises3SLSTobin'sQLeveragePerkTobin'sQLeveragePerkPERK0.716＊＊＊0.712＊＊＊0.577＊＊0.435＊＊＊LEV6.9391.254＊＊＊8.0861.502＊＊PERK×LEV－0.573*－0.645Q－1.248＊＊＊2.407＊＊＊－0.501＊＊3.497＊＊＊SIZE－0.386＊＊＊－0.592＊＊＊0.932＊＊＊－0.392＊＊＊－0.374＊＊＊1.474＊＊＊CE0.1100.277TANG0.0910.650＊＊＊OI－0.054*－0.094＊＊CF－0.341－1.021RPAY－0.005－0.012MHOLD0.295－0.785－0.160－0.169TOP1－0.0440.069－0.0950.087YearYesYesYesYesYesYesIndustryYesYesYesYesYesYesObservations2509987P-value0.0