基于不完全契约视角的股权激励绩效研究

Research on equity incentive performance based on the incomplete contract perspective

股权激励方案的契约各方无法预测公司长期发展目标并明确写入契约,也不能无争议地明确经理人如何实现业绩解锁条件.基于不完全契约视角分析股权激励对公司的绩效影响,以2008-2021年我国的A股上市公司为样本,采用倾向得分匹配和双重差分实证方法,证实股权激励在实施前期能够提升公司绩效,但长期来看对公司的经营业绩无促进作用.

The parties to the equity incentive plan can not predict the company's long-term development goals and clearly written into the contract,nor can they unequivocally specify how managers achieve performance unlocking conditions.This paper analyzes the impact of equity incentive on corporate performance from the perspective of incomplete contract.Based on the sample of A-share listed companies from 2008 to 2021,this paper uses the method of propensity score matching and double difference empirical study to prove that equity incentive can improve corporate performance in the early stage of implementation,but has no effect on corporate performance in the long run.