我国上市公司股权激励的模式分析及公告短期股价效应

Model Analysis of Equity Incentive and Short-term Stock Price Effect of Announcement in Listed Companies in China

分析我国上市公司的股权激励现状可发现,实施股权激励的上市公司数量自2011年出现大幅度增长后,一直表现出整体向上的趋势,至2015年又出现了爆发式增长。在股权激励模式上国内上市公司主要采用限制性股票和股票期权进行激励,模式比较单一。同时对我国2010—2016年实施股权激励的上市公司的相关数据进行收集和整理,在此基础之上利用事件研究法对我国股权激励的公告日短期股价效应进行实证研究,实证结果表明上市公司股权激励的短期股价效应显著为正。

This paper analyses the current situation of equity incentive of listed companies in China, and finds that the number of listed companies that implement equity incentive in China has been showing an overall upward trend since the large increase in 2011,and then there has been an explosive growth in 2015. In the equity incentive model, domestic listed companies mainly use restricted stock and stock options as incentives, and the model is relatively single. At the same time, we collect and collate the relevant data of listed companies that implement equity incentives in 2010-2016. On this basis, we use the event study method to conduct an empirical study on the short-term stock price effect of announcement day of equity incentives in China. The empirical results show that the shortterm stock price effect of equity incentives in Listed Companies is significantly positive.