股权激励对董事会及TMT团队经营绩效差异研究——基于中小企业板上市公司面板数据的分析

Comparative Study on the Relationship between Equity Incentive and Its Performance for the Board and TMT Members——Analysis Based on Panel Data of Listed Companies on SME Board

文章以深圳中小企业板上市公司2005～2007年有关数据为样本，对中小企业板上市公司的董事会成员及高层管理团队（TMT）成员股权激励与绩效的相关关系进行了实证检验，对二者的激励效果进行了对比研究。研究结果表明，董事会及TMT成员的股权激励与绩效均呈现显著的正向相关关系，且对TMT的激励效果显著强于对董事会的激励效果，故企业应加大对TMT团队成员的激励，以提高激励效果。研究结果还显示，董事会及TMT股权激励与绩效均存在显著的四次相关关系，同时还求出了对董事会和TMT股权激励的持股比例的拐点。

This paper compares the incentive effects after the positive test on the relationship between equity incentive and its performance for the board and TMT member of listed companies on SME board. As the results show, the equity incentive and its performance has significandy positive correlation. And the incentive effects of TMT are more significant than the board. So companies should strengthen the incentive to TMT member to improve the incentive effects. The results also show that equity incentive and its performance has significantly quartic correlation. And it calculates the inflexion of stake proportion of equity incentive.