总裁股权激励的投资者定价------外文翻译.doc
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总裁股权激励的投资者定价------外文翻译,investor pricing of ceo equity incentivesjeff p. booneinder k. khuranak. k. ramanabstractthe main purpose of this paper is to explore ceo compensation in the fo...
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Investor pricing of CEO equity incentives
Jeff P. Boone Inder K. Khurana K. K. Raman
Abstract
The main purpose of this paper is to explore CEO compensation in the form of stock and options.The objective of CEO compensation is to better align CEO-shareholder interests by inducing CEOs to make more optimal (albeit risky) investment decisions. However, recent research suggests that these incentives have a significant down-side (i.e., they motivate executives to manipulate reported earnings and lower information quality). Given the conflict between the positive CEO-shareholder incentive alignment effect and the dysfunctional information quality effect, it is an open empirical question whether CEO equity incentives increase firm value. We examine whether CEO equity incentives are priced in the firm-specific ex ante equity risk premium over the 1992–2007 time period. Our analysis controls for two potential structural changes over this time period. The first is the 1995 Delaware Supreme Court ruling which increased protection from takeovers (and decreased risk) for Delaware incorporated firms. The second is the 2002 Sarbanes–Oxley Act which impacted corporate risk taking, equity incentives, and earnings management. Collectively, our findings suggest that CEO equity incentives, despite being associated with lower information quality, increase firm value through a cost of equity capital channel.
Keywords：CEO equity incentives，Information quality，Cost of equity capital
Introduction
总裁股权激励的投资者定价
Jeff P. Boone Inder K. Khurana K. K. Raman
摘 要
本论文的主要目的是探讨首席执行官以股票和期权形式的报酬问题。首席执行官报酬调整的目的是通过优化调整首席执行官作为股东的利益，使首席执行官做出更多的投资决策（尽管有风险）。然而，最近的研究表明，这些激励措施有重大弊端（例如，他们鼓动高管操纵对外公开的业绩，降低会计信息质量）。鉴于积极的总裁股权激励效应和不良的信息质量效果之间的冲突，“CEO股权激励是否增加公司价值”便成了一个开放的实证问题的。我们看看，在1992年至2007年间，总裁股权激励是否在公司发生特定事前，其定价高于股票风险溢价。在这一时期，我们的分析控制在两个潜在的结构变化之中。首先是1995年美国特拉华州最高法院的裁决，它增加了在美国特拉华州注册成立的公司在收购方面的保护（降低风险）。第二个是2002年颁布的萨班斯-奥克斯利法案，它影响着企业风险的承担，股权激励和盈余管理。总的来说，我们的研究结果表明，总裁的股
Jeff P. Boone Inder K. Khurana K. K. Raman
Abstract
The main purpose of this paper is to explore CEO compensation in the form of stock and options.The objective of CEO compensation is to better align CEO-shareholder interests by inducing CEOs to make more optimal (albeit risky) investment decisions. However, recent research suggests that these incentives have a significant down-side (i.e., they motivate executives to manipulate reported earnings and lower information quality). Given the conflict between the positive CEO-shareholder incentive alignment effect and the dysfunctional information quality effect, it is an open empirical question whether CEO equity incentives increase firm value. We examine whether CEO equity incentives are priced in the firm-specific ex ante equity risk premium over the 1992–2007 time period. Our analysis controls for two potential structural changes over this time period. The first is the 1995 Delaware Supreme Court ruling which increased protection from takeovers (and decreased risk) for Delaware incorporated firms. The second is the 2002 Sarbanes–Oxley Act which impacted corporate risk taking, equity incentives, and earnings management. Collectively, our findings suggest that CEO equity incentives, despite being associated with lower information quality, increase firm value through a cost of equity capital channel.
Keywords：CEO equity incentives，Information quality，Cost of equity capital
Introduction
总裁股权激励的投资者定价
Jeff P. Boone Inder K. Khurana K. K. Raman
摘 要
本论文的主要目的是探讨首席执行官以股票和期权形式的报酬问题。首席执行官报酬调整的目的是通过优化调整首席执行官作为股东的利益，使首席执行官做出更多的投资决策（尽管有风险）。然而，最近的研究表明，这些激励措施有重大弊端（例如，他们鼓动高管操纵对外公开的业绩，降低会计信息质量）。鉴于积极的总裁股权激励效应和不良的信息质量效果之间的冲突，“CEO股权激励是否增加公司价值”便成了一个开放的实证问题的。我们看看，在1992年至2007年间，总裁股权激励是否在公司发生特定事前，其定价高于股票风险溢价。在这一时期，我们的分析控制在两个潜在的结构变化之中。首先是1995年美国特拉华州最高法院的裁决，它增加了在美国特拉华州注册成立的公司在收购方面的保护（降低风险）。第二个是2002年颁布的萨班斯-奥克斯利法案，它影响着企业风险的承担，股权激励和盈余管理。总的来说，我们的研究结果表明，总裁的股
