董事会视角下管理层股权激励有效性研究——来自股权分置改革后上市公司经验证据

Effectiveness research on management incentive equity from the perspective of the board of the directors——An empirical study based on the panel data of the listing corporation

以预案通过股东大会审议并实施股权激励制度公司为样本,选取2010—2012年面板数据(Panel Data),结合公司董事会特征分析管理层股权激励、董事会与公司绩效的关系,从而研究管理层股权激励的有效性,结果表明,考虑董事会特征的股权激励公司的管理层激励有效性并未完全发挥,股权激励制度还有待完善,使之真正益于上市公司的可持续发展。

In April,2005,the equity division reform of China listing Corporations began to make shares enter the times of the full circulation,and researches on equity incentive effectiveness gradually emerged in an endless stream. This paper regards the companies as samples whose plans were passed at the shareholders meeting and were implemented,and selects the panel data of 2010-2012,combines with the company＇s board of directors feature to make analysis of the relationship among managerial ownership incentive,the board and the corporate performance for providing relevant reference of corporate governance on the company＇s equity based incentives. The empirical results showed that validity of management incentive did not play,equity incentive system remained to be perfect,which was really beneficial to the sustainable development of the listing Corporation.