[1]介迎疆,贾 江,侯剑平.投资者情绪对股权激励业绩预告态度的影响[J].西安工业大学学报,2020,(01):128-132.[doi:10.16185/j.jxatu.edu.cn.2020.01.019 ]
 JIE Yingjiang,JIA Jiang,HOU Jianping.Effect of Investor Sentiment on Equity Incentive Earnings Forecast Attitude[J].Journal of Xi'an Technological University,2020,(01):128-132.[doi:10.16185/j.jxatu.edu.cn.2020.01.019 ]
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投资者情绪对股权激励业绩预告态度的影响()
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《西安工业大学学报》[ISSN:1673-9965/CN:61-1458/N]

卷:
期数:
2020年01期
页码:
128-132
栏目:
管理科学与区域文化研究
出版日期:
2020-02-15

文章信息/Info

Title:
Effect of Investor Sentiment on Equity Incentive Earnings Forecast Attitude
文章编号:
1673-9965(2020)01-0128-05
作者:
介迎疆贾 江侯剑平
(西安工业大学 经济管理学院,西安 710021
Author(s):
JIE YingjiangJIA JiangHOU Jianping
(School of Economics and Management,Xi'an Technological University,Xi'an 710021,China)
关键词:
投资者情绪 业绩预告 预告态度 股权激励
Keywords:
investor sentiment performance forecast forecast attitude equity incentive.
分类号:
F832.5
DOI:
10.16185/j.jxatu.edu.cn.2020.01.019
文献标志码:
A
摘要:
为改善企业股权激励机制,选取2015-2017年发布股权激励草案的A股上市公司为样本,实证检验投资者情绪是否影响管理层的业绩预告态度,进而影响股权激励行权价格的确定。研究发现,在股权激励草案发布前,无论投资者情绪高涨与否,管理层都倾向于发布悲观的业绩预告,以获得较低行权价格。研究结果表明,除了企业内部的控股股东可以决定业绩预告的时机和态度外,企业外部的市场投资者情绪也可能影响企业的业绩预告行为选择。以此识别管理层操控信息披露的方式,为监管部门完善企业信息披露制度、企业完善股权激励机制提供参考。
Abstract:
The study aims to perfect the enterprise information disclosure system and equity incentive mechanism.With the A-share listed companies that issued the equity incentive announcement from 2015 to 2017 as samples,the study empirically investigated whether investor sentiment affects the management's attitude of performance prediction,and then affects the setting of equity incentive exercise price.It is found that,before the equity incentive draft is issued,the management tends to issue pessimistic performance forecasts to obtain a lower exercise price,regardless of a high or low investor sentiment.The results show that,besides that the internal controlling shareholders have the power to determine the timing and attitude of information disclosure,the market investor sentiment will also affect the enterprise's choice of information disclosure behavior.This paper provides the supervision department with the method to improve enterprise information disclosure system and equity incentive mechanism.

参考文献/References:

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备注/Memo

备注/Memo:
收稿日期:2018-12-11
基金资助:国家社会科学基金(13BGL054); 陕西省教育厅人文社科项目(14JK1328); 西安工业大学校长基金(XAGDXJJ1224)。 第一
作者简介:介迎疆(1974-),男,西安工业大学讲师,主要研究方向为金融投资及公司治理,E-mail:583238177@qq.com。
(编辑、校对 白婕静)
更新日期/Last Update: 2020-02-15