中国上市公司股权激励效应再评估——来自PSM+DID的新证据

Re-evaluation of equity incentive effect of listed companies in China: New evidence from PSM + DID

关于股权激励与公司业绩关系问题,文章从方法论视角进行了审视,提出正确认识并使用处理内生性问题的方法,是精确评估股权激励效应的前提。传统PSM无法实现不可观测因素的匹配导致样本自选择偏误仍部分存在,文章采用改进的PSM+DID,评估发现:股权激励总体上提升了以净资产收益率和总资产收益率衡量的公司业绩,提升幅度分别达到22.22%和19.51%;从动态视角看,随着年份的推移,公司业绩提升速度逐渐放缓,股权激励呈现出边际效应递减规律。而通过对比PSM+DID与传统PSM评估的结果,文章证实PSM的确高估了股权激励效应,PSM+DID的评估结果更加精确和稳健。此外,文章还证实,宏观经济形势并不会对股权激励效应产生影响,因担心宏观经济形势拖累股权激励效应而中断实施股权激励的思维存在一定的误区。

As for the relationship between equity incentive and corporate performance, this paper studies from the perspective of methodology. It is proposed that the correct understanding and use of the method of dealing with endogeneity is the premise of the accurate evaluation of equity incentive effect. In view of the fact that the traditional PSM cannot achieve the matching of unobservable factors and the sample-selection bias still exists partially, this paper uses the improved PSM ＋ DID to find that, first, equity incentives improve ROE and ROA,with a margin of increase of 22. 22% and 19. 51% respectively; second, from a dynamic point of view, with the passage of the year, the performance of the company gradually slowed down, and equity incentive showed a diminishing marginal effect. By comparing the results of PSM ＋ DID and traditional PSM evaluation, this paper proves that PSM does overestimate equity incentive effect, and PSM ＋ DID ＇s evaluation results are more accurate and robust. In addition, this paper also confirms that the macroeconomic situation does not affect the effect of equity incentive.