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论文类型：会议论文

第一作者：Liu Jingjian

合写作者：Zhang Xuran,Fu Jie

发表时间：2015-01-01

收录刊物：CPCI-SSH

页面范围：64-70

关键字：equity incentive contract; cash holdings; free cash flow hypothesis; investment opportunity; financial constraint

摘要：This paper decomposes the configuration of equity incentive contracts and its impact on cash holdings in Chinese listed companies from 2009 to 2013. According to empirical results, equity incentive plan reduced cash holdings especially excess level; testing condition and continuity designed in contract had an extra effect, however period and PPS didn't. It shows that there exists agency costs in cash holdings and equity incentive does play an important part to some extent.