管理层股权激励对企业绩效影响的实证研究——基于风险承担的中介作用

Impact of Managerial Equity Incentive on Enterprise Performance:An Empirical Study Based on Intermediary Role of Risk-taking

选取2012年至2016年333家创业板上市公司面板数据为研究样本,运用多元线性回归模型,实证分析了管理层股权激励、风险承担与企业绩效三者之间的影响关系,以及风险承担在两者之间的中介效应。研究结果发现:管理层股权激励与企业绩效显著正相关;管理层股权激励与企业风险承担显著正相关;风险承担在管理层股权激励和企业绩效之间起部分中介作用,即管理层股权激励对企业绩效的影响部分是通过风险承担实现的。

With the panel data from 333 GEM listed companies from 2012 to 2016 as the research sample,this paper empirically analyzes the relationship between managerial equity incentive,risk taking and enterprise performance as well as the intermediary effect of risk taking between managerial equity incentive and enterprise performance.The research results show that managerial equity incentive is positively correlated significantly with enterprise performance while it is positively correlated significantly with enterprise risk taking; and that risk taking has a partial mediating effect between managerial equity incentive and enterprise performance,i. e.,the influence of managerial equity incentive on enterprise performance is partly realized through risk taking.