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1、ABSTRACTInthebackgroundofsocialproductionandincreasingcompetition,becauseoftheirlimitedtime,energy,ability,etc.,theownershadtodelegatedecision-makingpowerofproduction,operationandmanagementofenterprisestothosemanagerswhohavetheexpertiseandexperience.Ow
2、nerspaidsomecompensationformanagers,butoperatingresultswerestillownedbytheowners.Ownershipandmanagementofenterprisesthusseparatedfromeachother,formingaprincipal-agentrelationshipbetweenownersandmanagers,andagencycostsandagencyconflictaroused.Intheconte
3、xtoftheseparationofownership,howtodesignaneffectiveincentivesystemformanagerstoreduceagencycosts,alleviateagencyconflicts,sothattheyhaveanincentiveforenterprisesduediligencework,isnotonlyaneffectivewaytoachievethegoaloftheowners,butalsothekeywaytosolve
4、corporategovernanceissues.Asthemaingrowthmotivationoftheenterpriseandthefuturecashflow，asymmetricinformationtheoryandhumancapitaltheoryasthefoundation,thepaperunifiesourcountryactualsituationcarryingontheanalysisfrom2009to2013.SelectChina'sSMEboardandt
5、heGEMListingCorporationastheresearchsample,anduseRichardson(2006)methodtoconstructalinearregressionmodel，，whichneedtobeimprovedinthefurtherstudy.Inthispaper,thedegreeofsimulationofnon-eficientinvestmentsempiricalmodelisnothigh,itmaybemissingsomeimporta
6、ntvariables,andthereforeneedstobefurtherimproved;Thepaperdidnotdistinguishbetweenthedifferentequityincentivemodesefectoncorporateinvestmentbehavior;didnotdistinguishbetweendiferentownershipequities'incentiveimpactoncorporateinvestmentbehavior.KeyWords:
7、Equityincentiveplan,managerialownership,ownershipconcentration,overinvestment,underinvestmentin目录研究背景与意义研究背景理论意义实践意义相关概念界定股权激励投资高管人员研宄思路与研究方法研宄思路：研宄方法￠；仓衞理论基础与文献回顾理论基础委托代理理论信息不对称理论私人成本和私人收益理论文献综述股权激励与公司业绩股权激励与投资行为文献述评理论分析与模型构建理论分析与研究假设样本选择与数据来源研宄模型及变量定
8、义3.3.1适度投资模型非效率投资模型实证检验适度投资模型实证检验描述性统计分析相关性分析回归结果分析过度投资模型实证检验描述性统计分析相关性分析回归结果分析投资不足模型实证检验描述性统计分析相关性分析回归结果分析研宄结论及建议研究结论建议进一步完善相关法律法规完善经理人人力资本市场重视股权激励的治理作用本文不足参考文献1绪论绪论研究背景与意义研究背景在社会化大生产和竞争日趋激烈的背景下，企业要想得以生存并长期发展下去，就要求其所有者具备足够的知识和丰富的经验去经营管
