经理激励、资本结构与上市公司绩效

Management Incentive,Capital Structure and Performance of Listed Companies

基于多元线性回归模型和Heckman两阶段模型,根据平衡的面板数据实证检验了经理激励和资本结构对上市公司绩效的综合影响效果。结果表明:实施激励措施可以显著提高上市公司绩效,但不同的激励方式对公司绩效的影响并无显著差异;股权激励与薪酬激励二者没有形成积极的配合效应,股权激励、薪酬激励与资本结构三者形成了积极的配合效应;产权比率增加能优化资本结构和提高上市公司绩效。

Based on multivariate linear regression model and Heckman two-stage model,this paper empirically tests the comprehensive impaction of management incentive( equity incentive,salary incentive) and capital structure on the performance of listed companies according to balanced panel data. The results show that the implementation of incentive measures could improve the performance of listed companies drastically,but different incentive methods( equity incentive,salary incentive,and equity & salary incentive) have no significant difference in the influence level on the performance. Equity incentive and salary incentive does not form a positive fit effect,but equity incentive,salary incentive and capital structure do. Increasing equity ratio could optimize capital structure and improve the performance of listed companies.