高管股权激励、融资约束与中小企业绩效.pdfVIP

第37 卷第4 期 湖　南　工　业　大　学　学　报 Vol.37 No.4 2023 年7 月 Journal of Hunan University of Technology July 2023 doi:10.3969/j.issn.1673-9833.2023.04.014 高管股权激励、融资约束与中小企业绩效 陈云桥，李 杰，郝 晗，徐礼志 （延安大学经济与管理学院，陕西 延安 716000 ） 摘　要：选取2011—2019 年成功实施高管股权激励的深A 中小板与创业板367 家上市公司作为研究对象， 构建多元线性回归模型、2SLS 模型、PSM-DID 模型等，探究高管股权激励对中小企业绩效的影响及其潜在 的作用机制。研究结果显示，高管股权激励能够促进中小企业绩效提升；融资约束是中小企业实施高管股权 激励的重要驱动因素，且在高管股权激励与中小企业绩效关系中发挥部分中介作用；在区分产权性质后，国 有企业的高管股权激励绩效提升效果更好，而融资支持效应仅局限于非国有企业；股权激励类型、有效期对 高管股权激励的绩效提升与融资支持效应存在非对称影响。 关键词：高管股权激励；融资约束；中小企业绩效；股权激励方案要素设计 中图分类号：F272.92 ；F273.1　　文献标志码：A　 文章编号：1673-9833(2023)04-0097-08 引文格式：陈云桥，李 杰，郝 晗，等. 高管股权激励、融资约束与中小企业绩效[J]. 湖南工业大学 学报，2023 ，37(4) ：97-104. Executive Equity Incentives, Financing Constraints and the Performance of Small and Medium-Sized Enterprises CHEN Yunqiao ，LI Jie ，HAO Han ，XU Lizhi （School of Economics and Management ，Yan ’an University ，Yan ’an Shaanxi 716000 ，China ） Abstract ：With 367 listed companies on Shenzhen A SME Board and ChiNext that successfully implemented the executive equity incentive from 2011 to 2019 selected as the research objects, a multiple linear regression model, 2SLS model, and PSM-DID model have thus been constructed for an inquiry into the impact of the executive equity incentive on the performance of SMEs as well as its potential mechanism. The research results show that the executive equity incentive helps to promote the performance of SMEs; as an important driving factor for SMEs to implement the executive equity incentive, the financing constraint plays a part of intermediary role in the relationship between the executive equity incentive and SME performance; after distinguishing the nature of property rights, the equity in