中文摘要：

本文利用2006-2011年间公告股权激励草案的公司作为研究样本,分析高管权力对股权激励强度的影响及市场反应。研究发现：高管权力能够保证高管人员的自利性行为,高管权力越大则股权激励强度越大;股权激励草案宣告会产生显著为正的市场反应,并且市场能够意识到高管人员的自利性行为,股权激励强度与市场反应显著负相关。

英文摘要：

This paper explores the managerial power＇s effect on equity incentive intensity and the market reaction using the sample of the companies that announced the equity incentive plan from 2006 to 2011.We find the managerial power ensure the manager＇s self-interest behavior.The more the managerial power,the greater the equity incentive intensity are.The market reaction of the announcement is significantly positive.Furthermore,the investors can realize the managers＇ self-interest behavior and the equity incentive intensity has a negative effect on the market reaction.