信息技术业上市公司股权激励实施现状分析

The Status of Implementation of Equity Incentive in the Listing Corporations of Information and Technology Industry

以2006年至2012年沪深两市实施股权激励的信息技术业上市公司为研究样本,选择比较研究法和配对样本T检验,从横向和纵向两个方面进行对比分析,综合判断股权激励的实施是否促进了信息技术业上市公司业绩的提高,以及该行业股权激励的应用特征及实施效果。研究结果表明:信息技术业上市公司存在股权激励模式较为单一、激励强度较小以及激励期限偏短的问题;通过对比同一年度和跨年度股权激励效果,发现股权激励的实施效果并不明显。为此特提出以下建议:提高证券市场有效性,政府监管部门可酌情实行监管力度,完善公司内部治理结构,实行激励性的福利计划等。

This paper makes a sample study of selected listed companies of information and technology industry in Shenzhen and Shanghai stock markets,which adopt an encouragement scheme of the stock option in 2006-2012 year of as a sample. The present study,using the methods of comparative analysis and paired sample T test,does a comparison from the longitudinal and horizontal aspects. The judgment is comprehensively made about whether the implementation of equity incentive improves the industry of information and technology. The paper also does a research on the feature and effect in the application of equity incentive. The results shows： 1. These listed companies have embodied a relatively unimodel in equity incentive,the incentive intensity is small,and also the incentive period is a little short; 2. By comparing the implementation of equity incentive of one-year and multi-year sample,it is found that the implementation of equity incentive is not so significant as to improve the performance of listed corporations of information and technology industry. So,this paper offers the following advice： stock markets should improve its efficiency; government＇s supervision varies with the actual situation of industry; the internal governance structure of the company should be well developed; incentive benefit plans will be implemented,etc.