股权激励、股权结构与公司业绩关系的实证研究——基于公司治理视角

Study on Equity Incentive,Stock Structure and Corporate Performance

运用我国上市公司2008年第3季度季报的数据,采用因子分析法及多元线性回归方法对其业绩与股权激励之间的关系、股权结构对二者关系的影响问题进行了研究。研究结果表明:公司业绩与股权激励比率呈明显正相关关系,但不同的股权激励类型与公司业绩之间的敏感程度不同。此外,第一大股东持股比例对公司业绩与股权激励之间的关系具有正向影响,而第一大股东的控制力对公司业绩与股权激励之间的关系具有负向影响。

Based on the statistics of Chinese listed companies in quarter3, year 2008, via factor analysis and multiple regressions approaches, this paper analyzes relationship between equity incentive, stock structure and corporate performance. The research shows that equity incentive has positive impact on corporate performance, different incentive types have different relations with corporate performance. The study also demonstrates that share quantity of the largest shareholder has positive impact on corporate performance and control of the largest shareholder has negative impact on it.