Abstract:

Equity incentive is an important institutional arrangement to solve the principal-agent problem, and how to set up equity incentive models to achieve optimal equity incentive effects has always been a widely studied topic. Since 2006, listed companies have successively granted both restricted stocks and stock options as incentive tools to their management in the same equity incentive plan, which is a combination of equity incentive models to adapt to the reality of differences in management risk preferences. This article takes the equity incentives of A-share listed companies in Shanghai and Shenzhen from 2013 to 2023 as the research sample, exploring the driving effect and mechanism of the combination of equity incentive models on the digital transformation of enterprises. The research shows that the driving effect of the combination of equity incentive models on the digital transformation of enterprises is stronger than that of the single model equity incentive. This effect is mainly reflected in the enterprises that do not combine two jobs and have high equity concentration; The combination of equity incentive models can match the heterogeneity of management's risk preference, optimize the overall risk bearing level of the enterprise, and make the combination of equity incentive models better than the single model equity incentive in driving digital transformation.

Key words: combination of equity incentive models, heterogeneity of risk appetite among management, digital transformation, risk taking

摘要：

股权激励是解决委托代理问题的重要制度安排，而如何通过采取合理的股权激励模式实现股权激励效果最优，则是学界研究的重要课题。股权激励模式组合可视为上市公司在股权激励机制设计层面的重要创新，其能更好适应管理层风险偏好存在差异的现实。文章选取2013—2023年我国A股上市公司相关数据，分析股权激励模式组合对企业数字化转型的影响及作用机理。研究表明：相较于单一模式股权激励，股权激励模式组合对企业数字化转型的促进作用更显著，尤其是对非两职合一型企业和股权集中度较高的企业；股权激励模式组合能够更好匹配管理层风险偏好的异质性，提升企业风险承担能力，使股权激励模式组合在推进数字化转型方面的作用优于单一模式股权激励。

关键词: 股权激励模式组合, 管理层风险偏好异质性, 数字化转型, 风险承担