高管连锁网络对股东激励有效性的影响研究：内在机理与实证检验

股东激励是资本市场发展的持续性动力，也是公司治理研究的关键问题。无论是短期的红利分享还是长期的股权激励。文章实证检验TMT连锁网络（高管圈子）对股东激励有效性的影响，TMT连锁网络对股东激励有效性可能会带来两种不同的效应：一是短期的股利攀比效应；二是长期的知识竞赛效应。基于2012-2014年的A股生物医药上市公司的面板数据进行检验，主要研究结论如下：一是股东短期激励有效性显著；二是TMT连锁网络对股东短期激励有效性具有正向调节作用；三是股东长期激励有效性显著；四是TMT连锁网络对股东长期激励有效性具有负向调节作用。

The Study on the regulation Effect of the TMT Interlocking Networkon the Shareholder Incentive：Under the Perspective of Social Network

The paper studies the regulation effect of the TMT interlocking network on the shareholder incentive. The TMT interlocking network could lead to two different effect on the shareholder incentive: one is the dividend bandwagon effect; secondly, the knowledge competition effect. Using A shares 2012-2014 biological medicine listed companies panel data to test, the main conclusions are as follows. Firsdly the short-term incentive effectiveness of shareholders is significant; Secondly TMT chain network has a positive moderating effect on the effectiveness of short-term incentive; Thirdly the long-term incentive effectiveness of shareholders is significant; Lastly TMT chain network has a negative moderating effect on the long-term incentive effectiveness of shareholders.