产业竞争，管理层决策环境与公司投资的期权特征

As an important component of modern corporate governance, competition may be the most powerful force to improve the economic efficiency of corporate (Shleifer and Vishny, 1997). However, there is little research to investigate the mechanism and path through which the competition helps to improve governance. This research project intends to fill in that gap by examining three issues. First, this project will study the impact of industry competition on the decision-making environments of managers from the perspective of ownership structure adjustment and executive compensation arrangement. The second issue is to test the impact of industry competition on the managerial investment decisions from the perspective of managerial flexibility and investment efficiency. Finally, this project will investigate the effect of industry competition on corporate valuation from the perspective of exercised real option by managers (earnings persistence, cost stickiness) and priced real option by investors. Based on the theory of real option, this research project intends to incorporate the industry competition, arrangement of ownership structure and compensation contract, investment decisions, and corporate valuation into one uniform framework. The findings will enrich and expand the literature of institutional environment, ownership structure, real option, and corporate valuation. In addition, the results can help to understand the impact of industry competition on the micro economic entity, and thus provide some reference to the government to establish industry policy and improve SOE reform.

竞争作为现代公司治理的有机组成部分，可能是提高公司经济效率的最有力力量（Shleifer and Vishny, 1997）。然而，迄今鲜有研究系统考察竞争在公司治理中的作用机理或具体路径。本课题主要研究内容分为三部分：首先从股权结构调整以及薪酬契约安排的角度考察产业竞争对管理层决策环境的影响；2）其次从管理层投资决策灵活性和投资效率的角度分析产业竞争对公司投资决策的影响；3）最后从管理层执行期权（会计盈余持续性、成本"粘性"）和投资者定价期权两个方面考察产业竞争对公司价值的影响。本课题基于实物期权理论，将产业竞争与公司组织结构、契约安排、投资决策以及公司价值纳入到统一的分析框架，丰富和拓展了制度环境、公司组织、实物期权以及公司价值相关的研究文献；有助于更好地认识产业竞争对微观经济个体的影响，从而为我国相关产业政策的制定以及当前国有企业改革提供借鉴意义。

课题组共发表标注本项目的论文19篇，包括国际顶尖会计学期刊论文4篇，《经济研究》论文3篇，其中16篇成果归属项目负责人。课题组围绕“产业竞争，管理层决策环境与公司投资的期权特征”这一研究方向，基于实物期权理论，从“经济自由度与公司投资的期权特征”，“管理层决策环境与公司投资的期权特征”等多个维度，探讨了产业竞争对公司会计及财务行为的影响，并从管理层竞争、独立董事竞争、分析师职业竞争和会计信息之间的竞争对产业竞争进行了拓展性研究，取得了一系列的创新成果。课题主要研究内容及其意义：（1）通过把实物期权估值理论与产业竞争联系起来，丰富了新制度经济学产权理论、管理经济学授权理论，完善了实物期权公司估值理论的分析体系，对“简政放权”具有借鉴意义。（2）从中观的视野探讨了产业竞争影响公司微观行为的传导机理，进一步丰富了中观—微观互动关系的研究文献，有助于深化监管机构对产业竞争与微观企业行为之间联动关系的理解，从而为我国产业政策制定及当前国企改革提供借鉴意义。（3）在从产业组织和产业竞争的角度，刻画了行业信息向行业内公司传递的机制，可为投资者和分析师进行价值判断、业绩预测和股票推荐提供理论借鉴和经验证据。