本文选择科达机电作为股权激励的研究案例,基于管理者利益最大化角度,通过分析科达机电在实施股权激励前后资本结构和投资结构的变化,得出管理层很可能会通过投资和筹资决策行为的改变来使公司迅速提高短期收益从而达到行权目标,而忽略公司的长期价值的提升。 This article chooses Keda Electromechanical as a research case of equity incentive. Based on the maximization of managers’ interest, through analyzing the change of capital structure and investment structure before and after the implementation of equity incentive, KEDM concluded that management is likely to make decisions through investment and financing Changes in behavior to enable companies to quickly raise short-term gains in order to achieve the exercise of the right targets, while ignoring the company’s long-term value enhancement.