股权激励度与公司绩效相关性研究——基于沪市上市公司数据

Study on the Correlation Between Stock Incentive Compensation Degree and Corporate Performance:Based on Data of Listed Companies in Shanghai Stock Exchange

股权激励作为一种长期的激励方式,能够调动管理者的积极性与创造性,并通过将管理者利益与股东利益趋同,使管理者们更努力地为企业创造更多财富。目前,股权激励逐渐成为了业内人士广泛关注的问题。为了更好地研究股权激励与公司绩效的关系,为上市公司制定股权激励措施提供参考,并为管理者的选择提供依据,基于2007—2012年实施股权激励的沪市上市公司2012年财务数据,从股权激励度(授予股权激励股数占当时总股本比例)的角度出发,分析其与公司绩效的相关性。研究发现:实施股权激励的上市公司的公司绩效在总体上优于未实施股权激励的公司,股权激励度与公司绩效存在非线性相关关系,公司绩效随股权激励度的增加呈现出先增、后减、再增加的趋势。

As a long-term equity incentive, managers can use stock ownership incentive to mobilize the enthusiasm and creativity, and by the interests of managers and shareholders of convergence, managers have to work harder to create more wealth for the enterprise. Currently, the equity incentive industry is becoming a problem of widespread concern. In order to study the relationship between the equity incentive and corporate performance, and provide reference for the development of equity incentives of listed companies and provide the basis for selecting managers, article analyzes the correlation with company performance from the Equity Incentive degree （awarded equity incentive shares representing the total share capital at the time） point of view based on 2012 financial data of Shanghai-listed company equity incentive 2007--2012. Study found that the corporate performance of the listed company that implements equity incentive is superior than company that does not implement equity incentive, and there is nonlinear correlation between the company＇ s overall equity incentive and equity incentive, and the corporate performance of the corporate performance increases with the degree of equity incentive showing the first increase after subtraction, further increasing trend.