对公平偏好下融入股权激励的双重委托代理模型的研究,为具体实践中股权激励机制的完善提供了理论依据,同时对于经理人的选择也有重要的借鉴意义。第一,在我国上市公司普遍“一股独大”的背景下,控股股东对中小股东的利益侵害远高于英、美等国,为尽量减少控股股东的掏空,给经理人授予股权激励不失为一种有效的手段。因此,经理人的适度持股有助于激励经理人,从而降低代理成本,给公司带来正面影响。第二,在经理人的选择方面应充分考虑经理人的公平偏好感。适度的公平偏好感有助于增强股票期权对经理的激励作用,使其付出的努力水平更高。故而,从上市公司角度出发,雇佣一个更加偏好公平的经理人,并给予他适度的股权激励,这样可以在一定程度上减少控股股东对中小股东的利益侵害,从而协调委托人与代理人之间的利益关系,降低代理成本。
然而,本文还有一些问题尚待解决。对公平偏好的经理人进行有效的股权激励前提是对公平偏好的准确度量,因此公平偏好量表的设计是下一步工作的重点。此外,本文也有待对数理模型的推导进行实验检验。
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