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1、摘 要上市公司股权激励和公司投资行为一直是国内外学术研究的热点问题。股权激励作为解决股东与经理人之间委托代理问题的工具之一，有助于使股东和经理人的利益追求尽可能趋于一致。投资行为作为公司成长的主要动因，直接关系到公司的未来价值，继而直接影响经理人的激励收益。由于我国公司投资的多样化、复杂化，以及各种可支配经济资源分布不均衡，导致投资者的投资偏好集中在某些热门行业，使得投资差异化现状在我国行业中尤为突出。一方面，部分领域的产能过剩、资源浪费的现象严重。与之相反，有些企业则出现了投资不足的情况。在这种情况下，研究不同行业股权激励和投资行为之间的关系研究就备受关注。在全面系统地调研国内外相关文献和相
2、关理论的基础上，本文对上市公司股权激励计划对公司投资行为的影响展开了研究，主要研究内容体现在以下几个方面：本文首先对股权激励、企业非效率投资、股权激励对企业非效率投资影响的相关文献进行回顾总结，以委托代理理论、信息不对称理论和不完全契约理论等为基础分析了股权激励影响企业非效率投资的内在机理。对我国上市公司股权激励计划的覆盖率，实施的行业分布情况进行分析。其次，借鉴国内外关于企业投资行为的研究，提出假设、建立模型、定义变量，以2012-2016年沪深股市A股上市公司中的制造业、信息技术业、电力、热力、燃气及水的生产和供应业为研究样本。对非效率投资回归模型进行了实证检验及结果分析，包括描述性统计、
3、回归检验及结果分析。然后以非效率投资回归模型的残差为被解释变量，从描述性统计、回归检验及结果分析三方面，研究股权激励在不同行业企业投资领域的治理效果。实证结果表明，本文选取的三类行业上市公司中普遍存在非效率投资行为，且投资不足行为占半数以上；在制造业和信息技术产业中股权激励仅对投资不足有显著抑制作用，而对投资过度没有显著抑制作用；信息技术产业实施股权激励对非效率投资的抑制作用较制造业更显著；在电力、热力、燃气及水的生产和供应业中股权激励对非效率投资没有显著抑制作用。最后总结结论，分析在不同行业中实施股权激励效果不同的原因，提出改善股权激励实施效果的相关建议，并根据本文的局限性为日后的研究打通了
4、思路。关键词：股权激励；投资效率；投资过度；投资不足15AbstractEquity incentive and corporate investment behavior of listed companies has always been a hot issue in academic research at home and abroad. As one of the tools to solve the problem of principal-agent between shareholders and managers, equity incentive contributes
5、tomaking shareholders and managers pursuit of interests consistent as much as possible. As the main agent for the companys growth, investment behavior is directly related to the future value of the company, which in turn directly affects the managers incentive income. Due to the diversification and
6、complication of corporate investment in our country and the unbalanced distribution of all kinds of disposable economic resources, investors investment preferences are centered on some popular industries, making the investment differentiation between industries particularly prominent. On the one han
7、d, the phenomenon of overcapacity and waste of resources in some areas is serious. On the other hand, some companies experienced under-investment. Under such circumstances, research on the relationship between equity incentives and investment behaviors in different industries has drawn much attentio
8、n. On the basis of comprehensive and systematic investigation of relevant literature and related theories at home and abroad, this paper studies the impact of listed companies equity incentive plan on the companies investment behavior. The main research contents are as follows:First, this paper revi
9、ews the related literature about the equity incentive, inefficient investment and non-efficient equitys incentive on the inefficient investment. Based on the principal-agent theory, information asymmetry theory and incomplete contract theory, this essay analyzes the Internal mechanism of influence o
10、f equity incentive on non- efficiency investment. This paper analyzes the coverage of the equity incentive plan of listed companies and the distribution of the industries in our country.Secondly, this paper draws lessons from domestic and foreign researches on corporate investment behavior, puts for
11、ward hypotheses, establishes models and defines variables, and take the A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2016 of manufacturing, information technology industry , electricity, electric heating gas and water production and supply industry as research sample.
12、 The empirical test and result analysis are carried out on the regression model of inefficiency investment, including descriptive statistics, regression test and result analysis. Then, taking the residuals of the inefficiency investment regression model as the explanatory variables, we study the eff
13、ect of equity incentive in the investment field of different industries. From the three aspects of descriptive statistics, regression test and result analysis. The empirical results show that the non-efficiency investment behavior exists in the listed companies of three kinds of industry selected in
14、 this paper, and insufficient investment accounts for more than half of the phenomenon of non-efficiency; equity in manufacturing and information technology industry only has significant inhibitioneffects on under-investment, but has no significant inhibitioneffect on over-investment; the inhibition
15、effect of information technology industry is more significant than the inhibition effect of manufacturing; in the industry of production and supply of electricity, heat, gas and water the equity incentive has no significant inhibition effect on inefficient investment.Finally, the conclusion is summa
16、rized and the reasons for the different effects of equity incentive in different industries are analyzed. Relevant suggestions are put forward to improve the effect of equity incentive. According to the limitations of this paper, the ideas for future research are enriched.Key words：Equity incentive; Investment efficiency; Excessive investment; The lack of investment目 录摘 要IAbstractII目 录IV1绪论11.1研究背景及意义11.1.1研究背景11.1.2研究意义
