股权激励效果和影响因素经验分析——基于两《办法》出台后实施股权激励的上市公司数据

An Empirical Analysis on the Effect and the Influence Factors of Stock Right Incentive——Based on the Data of Listed Companies Having Operated Stock Right Incentive Plans after Initiation of Two Regulations

文章基于两《办法》出台后实施股权激励的上市公司数据,旨在揭示两《办法》出台后的股权激励对提升公司业绩是否有效,哪些因素会影响激励效果以及如何影响。经研究发现:在两《办法》规范下,第一,股权激励对提升企业经营业绩有明显积极作用;第二,企业性质、成长性都是决定股权激励效果好坏的重要影响因素;第三,国有企业实施股权激励将比民营企业的效果更好;第四,成长性好的企业实施股权激励将有利于纠正经理人短期行为。以上对政府监管层和投资者的下一步行动具有重要意义。

Based on the data of listed companies having operated the stock right incentive plans, the thesis aims at disclosing whether these plans were effective, what factors can influence the incentive effect and how they act after two regulations were put into operation. The conclusions were drawn as follows： after two regulations were put into operation, stock right incentive plans play an apparently active role in improving companies＇performances; enterprises＇nature and growth ability are both important factors deciding the effect of incentive plans ; station - owned enterprises get better effect than non - station - owned enterprises and the incentive plans do good to correct those managers＇short - term action whose enterprises having higher growth ability. Those conclusions are very important as to government and investors＂ further action.