管理层股权激励对资本市场错误定价的影响及其监管研究

项目名称： 管理层股权激励对资本市场错误定价的影响及其监管研究

项目编号： No.71503162

项目类型： 青年科学基金项目

立项/批准年度： 2016

项目学科： 管理科学

项目作者： 徐寿福

作者单位： 上海对外经贸大学

项目金额： 18万元

中文摘要： 区别于现有文献主要从市场层面的公司外部因素研究资本市场错误定价的产生及其影响，本项目从公司内部入手，探讨在内部利益协调中处于核心位置的管理层股权激励对资本市场错误定价的影响。错误定价会影响公司决策，作为公司主要决策者和执行者的管理层，其自身利益与公司内部股权激励机制密切相关，导致在公司股权激励实施过程中，管理层有动机通过影响市场错误定价进而影响公司决策，以实现其自身利益最大化。.从行为公司金融理论的最新前沿出发，本项目考察管理层股权激励是否以及怎样对资本市场错误定价产生影响，识别管理层股权激励对资本市场错误定价的正面影响和负面影响，在此基础上探讨如何监管管理层股权激励产生的负面影响。由此，本项目从公司内部角度构建考察管理层股权激励对资本市场错误定价影响的分析框架，丰富和补充已有研究；也为实践中从管理层股权激励角度界定资源配置过程中政府与市场的边界提供依据。

中文关键词： 错误定价；股权激励；代理理论；定价效率；资源配置

英文摘要： Contrary to the current literatures in which the formation and influences of the equity mispricing are investigated from the factors outside the firms, this project shifts the attention to the internal factors. We focus on the most influential factor inside the firms and its impact on the equity mispricing, i.e., the managerial equity incentive, since it is at the core of the internal interest alignment. Equity mispricing can impact the corporate decision making, and the management team whose interest is closely related to the equity incentive is main decision-maker and executor. Therefore, the management team is motivated to influence the market equity mispricing and then corporate decision making in the presence of equity incentive so as to maximize its own interest..Based on the latest development of the behavioral corporate finance theory, this project investigates whether and how the managerial equity incentive affects the equity mispricing, identifies both the positive and negative impacts, and then discusses how to regulate the negative one. Hence, this project will build an analytical framework to explore the influences of managerial equity incentive on the equity mispricing from a company's perspective, which will enrich and complement the existing literatures. In addition, this study will provide a basis for practice to define the boundaries between government and market shares in resource allocation based on the perspective of managerial equity incentive.

英文关键词： Mispricing;Equity Incentive;Agency Theory;Pricing Efficiency;Resource Allocation