上市公司股权激励授予对象的选择与动态分布——基于中国上市公司数据的实证研究

Equity Incentive Objects Selection and Dynamic Distribution——An Empirical Research on Listed Companies' Data of China

激励对象的合理选择与分布是股权激励契约实现激励相容的关键。文章以2006—2009年中国沪深两市中,公告股权激励草案的上市公司为样本进行实证检验,结果表明:多数公司摒弃了集中在高管层与扩散到全员的极端范式,而是倾向于由高管层、核心员工等组成的分布类型;行业特性是影响激励对象分布状态的显著因素,公司规模、成长性、盈利能力、终极产权性质等因素的影响方向与预期一致,但并不显著。随着上市公司内外部环境条件的变化,动态调整股权激励对象分布才是其合理性的最终体现。

The reasonable distribution of incentive objects can maximize the incentive effect.Based on core stakeholder theory,the incentive objects should be the owners of key resources and stakeholders.In this paper,we adopt the data of listed companies during 2006—2009 that have announced equity incentive plans in China to do the empirical research.The results show that industry feature is the main factor of the distribution.The factors such as size,growth,profitability and ultimate property rights would influence the distribution in the orientation consistent with expected,but not obvious.Dynamic adjustments of objects distribution according to the conditions and contexts of listed companies are the ultimate reflection of rationality.