经理人股权激励可以提升企业价值吗?——来自中国A股上市公司的证据

Can Managers’ Equity Incentive Enhance Enterprise Value? Evidence from A-share Listed Companies in China

本文通过选取来自中国A股上市公司2006年至2017年的面板数据,运用"渐进性"双重差分法,检验了经理人股权激励计划与企业价值间的关系。本文的实证结果显示,上市公司经理人的股权激励可以提升企业价值。具体而言,经理人股权激励可以通过改善企业经营业绩、吸引机构投资者持股以及留存员工三个作用渠道提升上市公司的企业价值。本文的实证结果也为我国上市公司采取经理人股权激励计划改善公司治理、提升企业价值提供了具有价值的建议和参考。

Based on the panel data from China’s A-share listed companies from 2006 to 2017, this paper tests the relationship between manager’s equity incentive plan and enterprise value by using the Difference-in-Difference method. The empirical results show that the equity incentive of managers of listed companies can enhance the enterprise value. Specifically, manager equity incentive can improve the corporate value of listed companies through three channels: improving business performance, attracting institutional investors to hold shares and retaining employees. The empirical results of this paper also provide useful suggestions and references for the listed companies to adopt the manager equity incentive plan to improve corporate governance and enhance corporate value.