房地产上市公司股权激励与绩效相关性的实证研究

Empirical Study on the Relevance of Equity Incentive and Performance in Real Estate Listed Companies

股权激励制度对于激励公司员工积极性,提高公司竞争力,提升公司价值有非常重要的价值。伴随着我国上市公司不断增加,上市公司的质量不断受到质疑,新型企业不断增加,因此,有效完善股权激励制度,对于提高上市公司的质量而言就显得十分重要。本文共从ROA、ROE和托宾Q值来衡量公司绩效,力求全方位展示股权激励对公司绩效的影响。研究结果表明:无论是从上述哪一个方面来衡量公司绩效,均可得出股权激励可以对绩效相关性产生显著的正向影响。在研究过程中也发现,公司的规模、公司的杠杆等因素也会影响股权激励对绩效相关性的作用程度。

It is of great importance for company to use equity incentive system to motivate staff enthusiasm,to improve the company competitiveness,to enhance the value of the company.However,if it is used wrongfully,it will hurt the interests of shareholders,especially the minority shareholders.With the increasing number of Listed Companies in China,the quality of listed companies is being questioned continuously,and new businesses are increasing.Therefore,it is very important to effectively improve the equity incentive system to improve the quality of listed companies.This paper uses ROA,ROE and Tobin’s Q value to measure company performance,and tries to demonstrate the impact of equity incentive on company performance in an all-round way.The results show that the equity incentive can have a significant positive impact on the performance relevance,regardless of which aspect of the company’s performance is measured.In the course of the study,we also find that the scale of the company and the leverage of the company will also affect the degree of equity incentive effect on performance relevance.