股权激励、组织复杂性与企业生产效率

Stock Option Plan,Organization Complexity and Firm Productivity

本文通过数理分析发现股权激励能否激发管理层努力工作与企业组织复杂度相关,在规模更大、组织复杂程度较高的企业中股权激励的效果更佳。在此基础上,本文采用中国上市公司数据对股权激励的有效性及在不同组织复杂度企业中效果的差异性进行实证研究。实证结果表明,在中国股权激励的总体效果并不显著,而股票型激励好于期权型激励,且在组织复杂程度较高的企业效果更佳。

In recent years, a large number of listed companies in China uses stock option plan to improve the management efficien- cy. We find whether the stock option plan can stimulate management working hard or not is related to organization complexity based on mathematical analysis. In the firm whose organization complexity is higher, it has better effect. Moreover, based on the data of listed companies in China, we empirically analyzes the effect of stock option plan and the difference in different degree of organization complexity. The empirical results show that the overall effect of stock option plan is not significance; stock incentive plan is better than the option incentive plan; in high degree of organization complexity firms the stock option plan has better effect.