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股权激励未脱离传统的金钱激励,而经理人的需求并不局限于金钱。这种激励制度失效的根本原因在于激励内容和经理人的需求不匹配。文章以非效率投资为切入点,在前人研究的基础上,发现内部控制对股权激励引发的问题产生了有效约束,股权激励制度又在一定程度上促进了内部控制建设,得出实施股权激励应当与加强内部控制建设相结合的结论。
Equity incentives are not divorced from traditional monetary incentives, and managers’ needs are not limited to money. The root cause of the failure of this incentive system lies in the mismatch between the motivational content and the manager’s needs. Based on the previous studies, the article finds that internal control has effectively restrained the problems caused by the equity incentive, and the equity incentive system has also promoted the construction of internal control to a certain extent, resulting in the implementation of the equity incentive It should be combined with the strengthening of internal control.