股权激励对公司绩效的影响基于中国民营上市公司的实证研究.docVIP

股权激励对公司绩效的影响 一一基于中国民营上市公司的实证研宄 代妍 Empirical research on private equity incentiveoperating performance of listed companies affected Dai Yan 2014年4月2日 改革开放以来，民营企业作为我国市场化经济的重要组成部分为我w经济的社会的发 展做出了重大贡献。2005年后，我国资本市场经历了先后经历了股权分置改革、股权激励 改革等重大改革和调整，市场活力进一步增强，资源配置效率进一步提高。股权激励作为 一种有效的长期激励机制，一直是理论界和实务界关注的焦点，而股权激励对于企业绩效 的影响由于研宄者所处的时代不同、研宂的市场不同、选取的样本不同因而得出的研宂结 论也不尽相同。我国是2006年才开始引入股权激励机制，相关的实施和监督机制还不够 完善，企业设计和实施股权激励机制不够规范，股权激励的效果可能不如预期。因此，研 宄我国股权激励对企业绩效的影响，有助于分析我国当前股权激励的现状，为我国股权激 励的实施提出相应的政策建议，从而推动我国资本市场的完善。 木文选取我国826家民营上市公司作为研究对象，因为国有上市公司在实施股权激励 时还容易收到政治激励、薪酬约束等其他约束因素的影响，且国有上市公司政治关联现象 比较严重，不利于基于市场视角的研究。同时，本研究为丰富研究内容，使得研宄结果更 加可信，收集了多个体多年度多维度的数据，通过面板数据分析的方法，发现我国民营上 市公司的绩效与股权激励存在显著的正相关关系，也还受到高管薪酬、公司规模、公司治 理、股权结构等其他因素的显著影响。 Abstract Since the reform and opening of Chinas market-oriented private enterprises as an important part of economic development of China’s economy has made a significant contribution to society . After 2005，China’s capital market has experienced has undergone share reform，equity incentive reform and other major reforms and adjustments to further enhance the vitality of the market，to further improve the efficiency of resource allocation . Equity incentives as an effective long-term incentives, has been the focus of attention theory and practice，and the equity incentive impact business performance due to the times by different researchers in different market research，the selected sample and therefore have different the conclusions of the study are not the same . Our country is in 2006 began to introduce equity incentives related to the implementation and monitoring mechanisms still not perfect, corporate design and implementation of equity incentive mechanism is not standardized，the effect of incentive stock options may not be as expected. Therefore, the study of equity incentive impact on business performance，help to analyze the status quo of Chinas current equity incentive, the corresponding policy recommendations for the implementation of equity incentive，thus