4681 
7097股权激励与私有信息传递一直是学术界与监管部门关注的重要问题。基于深圳证券交易所投资者互动平台的数据，文章考察了股权激励对私有信息套利空间的压缩作用以及投资者调研在股权激励对私有信息套利空间压缩作用上的中介效应。研究发现，实施股权激励之后，公司的投资者调研次数更多、规模更大，而且公司的私有信息套利空间也更低；中介效应的实证结果表明，投资者调研起到了中介作用。进一步研究发现，相比于非机构投资者，机构投资者的中介作用更大；相比于非实地调研，实地调研的中介作用更大。研究表明，被股权激励的管理层与外部投资者之间的互动能够降低公司的私有信息套利空间，这从信息效率的视角丰富了股权激励经济后果的研究，同时也为监管部门完善投资者调研制度提供一定的理论参考。
股权激励、投资者调研与私有信息套利空间
摘要
参考文献
1 陈小林,孔东民. 机构投资者信息搜寻、公开信息透明度与私有信息套利[J]. 南开管理评论,2012,(1). DOI:10.3969/j.issn.1008-3448.2012.01.016
3 冯用富,董艳,袁泽波,等. 基于R2的中国股市私有信息套利分析[J]. 经济研究,2009,(8). DOI:10.3969/j.issn.1005-1309.2009.08.013
4 侯宇,叶冬艳. 机构投资者、知情人交易和市场效率——来自中国资本市场的实证证据[J]. 金融研究,2008,(4). DOI:10.3969/j.issn.1674-1625.2008.04.014
5 孔东民,刘莎莎,陈小林,等. 个体沟通、交易行为与信息优势:基于共同基金访问的证据[J]. 经济研究,2015,(11). DOI:10.3969/j.issn.1002-5863.2015.11.024
6 李小荣,张瑞君. 股权激励影响风险承担:代理成本还是风险规避?[J]. 会计研究,2014,(1). DOI:10.3969/j.issn.1003-2886.2014.01.014
11 苏冬蔚,林大庞. 股权激励、盈余管理与公司治理[J]. 经济研究,2010,(11). DOI:10.3969/j.issn.1004-7778.2010.11.020
12 谭劲松,林雨晨. 机构投资者对信息披露的治理效应——基于机构调研行为的证据[J]. 南开管理评论,2016,(5). DOI:10.3969/j.issn.1008-3448.2016.05.001
13 王亚平,刘慧龙,吴联生. 信息透明度、机构投资者与股价同步性[J]. 金融研究,2009,(12). DOI:10.3969/j.issn.1009-3109.2009.12.036
15 肖斌卿,彭毅,方立兵,等. 上市公司调研对投资决策有用吗——基于分析师调研报告的实证研究[J]. 南开管理评论,2017,(1). DOI:10.3969/j.issn.1008-3448.2017.01.016
17 周建波,孙菊生. 经营者股权激励的治理效应研究——来自中国上市公司的经验证据[J]. 经济研究,2003,(5). DOI:10.3969/j.issn.1671-9301.2003.05.010
18 Almazan A,Banerji S,De Motta A. Attracting attention:Cheap managerial talk and costly market monitoring[J]. The Journal of Finance,2008,63(3):1399–1436 DOI:10.1111/j.1540-6261.2008.01361.x
19 Armstrong C S,Jagolinzer A D,Larcker D F. Chief executive officer equity incentives and accounting irregularities[J]. Journal of Accounting Research,2010,48(2):225–271 DOI:10.1111/joar.2010.48.issue-2
20 Armstrong C S,Vashishtha R. Executive stock options,differential risk-taking incentives,and firm value[J]. Journal of Financial Economics,2012,104(1):70–88 DOI:10.1016/j.jfineco.2011.11.005
21 Bischof J,Daske H. Mandatory disclosure,voluntary disclosure,and stock market liquidity:Evidence from the EU bank stress tests[J]. Journal of Accounting Research,2013,51(5):997–1029 DOI:10.1111/joar.2013.51.issue-5
22 Bizjak J M,Brickley J A,Coles J L. Stock-based incentive compensation and investment behavior[J]. Journal of Accounting and Economics,1993,16(1–3):349–372 DOI:10.1016/0165-4101(93)90017-A
23 Bourveau T,Schoenfeld J. Shareholder activism and voluntary disclosure[J]. Review of Accounting Studies,2017,22(3):1307–1339 DOI:10.1007/s11142-017-9408-0
24 Bushee B J,Jung M J,Miller G S. Conference presentations and the disclosure milieu[J]. Journal of Accounting Research,2011,49(5):1163–1192 DOI:10.1111/joar.2011.49.issue-5
25 Cheng Q,Du F,Wang X,et al. Seeing is believing:Analysts’ corporate site visits[J]. Review of Accounting Studies,2016,21(4):1245–1286 DOI:10.1007/s11142-016-9368-9
26 Cheng Q,Warfield T D. Equity incentives and earnings management[J]. The Accounting Review,2005,80(2):441–476 DOI:10.2308/accr.2005.80.2.441
27 Dasgupta S,Gan J,Gao N. Transparency,price informativeness,and stock return synchronicity:Theory and evidence[J]. Journal of Financial and Quantitative Analysis,2010,45(5):1189–1220 DOI:10.1017/S0022109010000505
28 Durnev A,Morck R,Yeung B,et al. Does greater firm-specific return variation mean more or less informed stock pricing?[J]. Journal of Accounting Research,2003,41(5):797–836 DOI:10.1046/j.1475-679X.2003.00124.x
30 Hanlon M,Rajgopal S,Shevlin T. Are executive stock options associated with future earnings?[J]. Journal of Accounting and Economics,2003,36(1–3):3–43 DOI:10.1016/j.jacceco.2003.10.008
31 Holmstrom B,Costa J R I. Managerial incentives and capital management[J]. The Quarterly Journal of Economics,1986,101(4):835–860 DOI:10.2307/1884180
33 Karpoff J M. A theory of trading volume[J]. The Journal of Finance,1986,41(5):1069–1087 DOI:10.1111/j.1540-6261.1986.tb02531.x
34 Kato H K,Lemmon M,Luo M,et al. An Empirical examination of the costs and benefits of executive stock options:Evidence from Japan[J]. Journal of Financial Economics,2005,78(2):435–461 DOI:10.1016/j.jfineco.2004.09.001
36 Kirk M P,Vincent J D. Professional investor relations within the firm[J]. The Accounting Review,2014,89(4):1421–1452 DOI:10.2308/accr-50724
37 Low A. Managerial risk-taking behavior and equity-based compensation[J]. Journal of Financial Economics,2009,92(3):470–490 DOI:10.1016/j.jfineco.2008.05.004
38 Mayew W J,Sharp N Y,Venkatachalam M. Using earnings conference calls to identify analysts with superior private information[J]. Review of Accounting Studies,2013,18(2):386–413 DOI:10.1007/s11142-012-9210-y
39 Morck R,Yeung B,Yu W. The information content of stock markets:Why do emerging markets have synchronous stock price movements?[J]. Journal of Financial Economics,2000,58(1–2):215–260 DOI:10.1016/S0304-405X(00)00071-4
40 Nagar V,Nanda D,Wysocki P. Discretionary disclosure and stock-based incentives[J]. Journal of Accounting and Economics,2003,34(1–3):283–309 DOI:10.1016/S0165-4101(02)00075-7
42 Piotroski J D,Roulstone B T. The influence of analysts,institutional investors,and insiders on the incorporation of market,industry,and firm-specific information into stock prices[J]. The Accounting Review,2004,79(4):1119–1151 DOI:10.2308/accr.2004.79.4.1119
43 Roberts J,Sanderson P,Barker R,et al. In the mirror of the market:The disciplinary effects of company/fund manager meetings[J]. Accounting,Organizations and Society,2006,31(3):277–294 DOI:10.1016/j.aos.2005.02.001
45 Rosenbaum P R,Rubin D B. The central role of the propensity score in observational studies for causal effects[J]. Biometrika,1983,70(1):41–55 DOI:10.1093/biomet/70.1.41
46 Sengupta P,Zhang S. Equity-based compensation of outside directors and corporate disclosure quality[J]. Contemporary Accounting Research,2015,32(3):1073–1098 DOI:10.1111/1911-3846.12115
47 Solomon D,Soltes E. What are we meeting for? The consequences of private meetings with investors[J]. The Journal of Law and Economics,2015,58(2):325–355 DOI:10.1086/684038
48 Solomon D H. Selective publicity and stock prices[J]. The Journal of Finance,2012,67(2):599–638 DOI:10.1111/j.1540-6261.2012.01726.x
49 Soltes E. Private interaction between firm management and sell-side analysts[J]. Journal of Accounting Research,2014,52(1):245–272 DOI:10.1111/joar.2014.52.issue-1
50 Yermack D. Do corporations award CEO stock options effectively?[J]. Journal of Financial Economics,1995,39(2–3):237–269 DOI:10.1016/0304-405X(95)00829-4
引用本文
赵新杰. 股权激励、投资者调研与私有信息套利空间[J]. 上海财经大学学报, 2019, 21(1): 107-124.
导出参考文献，格式为：
