上市公司股权激励制度差异及影响因素——基于市场强制力与组织强制力的替代效应

Difference among Listed Companies' Stock Option Motivation System and Influencing Factors:Based on Substitution Effect of Market Enforcement and Organizational Enforcement

本文从理论上阐明了企业的股权激励计划实质上是以市场强制力来替代组织强制力的一种制度安排。以2006—2009年实施了股权激励的国内上市公司为样本所进行的实证分析显示,高科技企业与传统行业企业的股权激励制度存在显著的差异,并且这种差异可以用市场强制力与组织强制力的替代效应来解释。多元回归的实证结果也证明了股权激励方案的主要影响因素之间符合我们预测的组织强制力与市场强制力的替代关系。

This paper clarified the company＇ s equity incentive is a institutional arrangement which use the force of market to replace the force of organization. Then we used listed companies which had implemented equity incentive from 2006 to 2009 as samples, the empirical analysis showed significant differences between high- tech enterprises and traditional industries enterprises, and the differences could be explained by the substitution effect of the force of market and the force of organization. The results of multiple regression also proved that our hypotheses were true.