股权激励和公司绩效的实证分析——基于中国2006-2010年数据

Equity Incentive and Listed Company's Performance:An Empirical Study

现代企业制度中,"剩余控制权"和"剩余索取权"的争夺十分激励,股权激励制度的产生,正是为了解决这种"委托代理"关系之间的矛盾,目前股权激励已经成为各国上市公司绩效激励的主要方式。文章介绍了股权激励制度在我国的实行情况,选取了2006-2010年我国实施股权激励的上市公司中的285家制造行业公司为样本做了实证研究,并考察股权激励计划的实施对上市公司绩效的影响,对全文进行总结,并根据结论提出相应的建议。

In the modern enterprise system,fierce is the contention for residual control right and residual claim right,so the equity incentive mechanism is designed to resolve the contradiction between the managers and stockholders.The equity incentive mechanism is adopted around the world as one of the main means to improve the list company＇s performance.This paper first describes the development and implementation of the equity incentive system in China,then,by making an empirical study of 285 listed manufacturing corporations which implemented equity incentive mechanism from 2006 to 2010,probes into the influence of equity incentive system on corporate performance,and finally gives some suggestions.