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投机市场中的短期 CEO 薪酬:受控实验

黄敏杰博士 张彦成 苏玉祥 曾凯文
当代会计研究。 三月1,2021

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Bolton、Scheinkman 和 Xiong (2006) 对投资者意见不一且卖空限制导致对股价的悲观观点影响较小的情况进行了建模,从而导致投机性股价。 该模型的理论含义是,现有股东可以通过(i)设计鼓励短期业绩的管理薪酬合同,以及(ii)随后将其股票出售给更乐观的投资者来利用投机性股票价格。 我们通过发现卖空约束的外生消除(SHO 规则)抑制了短期激励的提供,从而证明了对该理论的经验支持,这种影响反映在更长的 CEO 薪酬持续时间上。 影响集中在投资者分歧较大和短期机构持股的股票中。 与之前的工作一致,我们还发现,CEO 薪酬持续时间越长,CEO 投资期限越长,过度投资越少,盈余管理越少。 总的来说,我们的结果说明了投机性股票价格在公司短期主义中的作用。 最后,我们的研究表明,遏制公司短期主义的有效政策应解决股市投机问题,并促进将高管薪酬与长期股价表现挂钩的机制。

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