股票期权激励与企业金融资产配置

Stock Option Incentives and Corporate Financial Asset Allocation

中文关键词:  金融资产配置  期权激励  会计信息质量  风险承担水平  合约设计

英文关键词:financial asset allocation  option incentives  quality of accounting information  risk-taking level  contract design

中文摘要:

      有效利用金融工具优化企业资源配置效率,对于企业高质量发展至关重要。基于2006—2023年中国沪深A股非金融类上市公司数据,实证分析了股票期权激励对企业金融资产配置的影响及作用机制。研究发现,期权激励能够有效抑制企业金融资产配置,且通过提升会计信息质量和风险承担水平抑制了企业金融资产配置。异质性分析结果表明,上述抑制作用仅存在于非国有企业和小规模企业中。进一步研究显示,企业实施期权激励的有效期越长、激励强度越高,对企业金融资产配置的抑制作用越明显。因此,应充分发挥期权激励对企业资产配置的优化作用,提高企业会计信息质量和风险承担水平,优化期权激励的合约设计,进一步推动企业资源向实体经济领域精准配置,促进经济“脱虚向实”。

英文摘要:

      The effective utilization of financial instruments to enhance the efficiency of corporate resource allocation is critical for achieving high-quality firm development. Using data from A-share non-financial listed firms on the Shanghai and Shenzhen stock exchanges from 2006 to 2023, this study empirically examines the effects of stock option incentives on corporate financial asset allocation and its underlying mechanisms. The findings reveal that option incentives can effectively inhibit corporate financial asset allocation by improving the quality of accounting information and enhancing risk-taking capabilities. Heterogeneity analysis indicates that the inhibitory effect is only observed in non-state-owned and small-scale firms. Further analysis shows that longer incentive durations and higher incentive intensities strengthen this inhibitory effect. Therefore, it is essential to fully leverage the optimizing role of option incentives in corporate asset allocation, improve the quality of accounting information, enhance risk-taking capabilities, and refine the contract design of option incentives, to promote the precise allocation of corporate resources to the real economy and support the economic shift from the virtual to real economy. 