激励股权分布结构对股权激励绩效的影响——基于中国上市公司的实证研究

On Relationship Between Incentive Stock Structure and Firms′ Performances—An Empirical Study Based on Listed Firms in China

利用我国资本市场2005～2007年的数据，分析了上市公司的激励股权分布结构以及其与股权激励绩效的关系。研究发现：核心高管激励股权的绝对差距和相对差距、以及高管总体激励股权的相对差距与股权激励绩效之间呈显著的负相关关系，此外公司规模和监事会规模对股权激励绩效呈正相关关系。故我国上市公司应注意构建较为平均的激励股权分布结构，辅以扩大公司的经营规模，充分发挥监事会的作用，来提升股权激励绩效。

In this paper, an empirical research was conducted on the relationship between the firms＇ performance and the structure of incentive stock. It was found that there was a negative relationship between TMT stock incentive absolute and relative gaps and TMT overall stock incentive relative gaps and future firms＇ performance. Besides, a positive relationship was witnessed between firm size and supervisory board size and firms＇ performance. It was argued that the listed firms in China should pay attention to constructing a more equilibratory stock incentive distribution structure and enlarging firms＇ operation scales and giving full play of supervisory board in order to get better firms＇ performance.