Equity Incentives for Non-executive Employees and Credit Spreads of Corporate Bonds——Empirical Evidence Based on the 2010-2020 Bond Data of A-share Listed Companies
Non-senior employees are an important part of corporate human capital,and their enthusiasm and creativity affect the company's business performance,and then affect the credit spread of corporate bonds.This paper examines the relationship between the implementation of non-executive equi-ty incentives and the credit spreads of corporate bonds,and finds that the implementation of equity incentive for non-executive employees can effectively reduce bond credit spread.Among non-executive employees'equity inoentives,restricted stock and stock option have different effects on corporate bond credit spread.Restricted stock equity incentive can reduce corporate bond credit spread more effectively,while stock option equity incentive has no signifi-cant effect on corporate bond credit spread.There is a certain lag in the negative effect of non-executive employee equity incentive on corporate bond credit spread,and the implementation of multiple non-executive employee equity incentive can effectively reduce corporate bond credit spread.Further analysis shows that higher degree of financial constraints,higher management power and higher level of product market competition are more conducive to the non-executive employee equity incentive,especially the restricted stock equity incentive to reduce the corporate bond credit spread.Finally,based on the a-bove conclusions,this paper puts forward some policy suggestions on the establishment and improvement of non-senior employees'equity incentive and its related supporting systems.
Credit Spreads of Corporate BondNon-executive StaffEquity IncentiveEquity IncentivesRestricted StockStock Options
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