股权激励对现金股利及“送转股”的影响研究——基于创业板上市公司

A Study on the Influence of Equity Incentive on Cash Dividends and Stock Dividends: Based on the Gem Listed Companies

利用创业板上市公司2010-2016年数据,从股利分配角度实证分析了股权激励对现金股利及送转股的影响。研究发现,相对于未实施股权激励公司,已实施股权激励的公司更倾向于提高送转股分配水平而相对降低现金股利支付水平。说明在人才流动性比较大的创业板市场中,股权激励作为一种长期激励方式,助长了管理层通过股利分配,尤其是送转股的分配,来扩大其业绩之外的股权激励收益的行为。

Based on the 2010-2016 year data of GEMlisted companies,this paper first analyzes the impact of equity incentive on cash dividends and stock dividends from the perspective of dividend distribution.Through the empirical analysis,it finds that in comparison to the non-equity incentive companies,the companies with equity incentive are more inclined to raise transfer share and lower cash dividends. The result shows that equity incentive should be a long-term incentive mode in the high mobility GEMmarket,but it encourages the management to expand the equity incentive income beyond its performance through dividend distribution,especially the distribution of stock dividends.