上市公司股权激励方式与公司业绩的实证研究

An Empirical Study on the Equity Incentive Mode and Corporate Performance of Listing Corporations

本文以上市公司股权激励方式为背景,实证选取2006-2014年实施股权激励的上市公司为样本,基于股权激励的方案角度,实证研究在不同公司性质影响下股权激励方式对公司业绩的不同影响。根据实证结果,本文发现股票期权的激励效果优于限制性股票,但是效果不显著。根据这一结论,本文继续从公司性质角度深入分析原因,进一步发现,与国有企业相比,非国有企业股票期权的激励效果更显著,并且非国有企业股票期权的激励效果优于限制性股票。

Based on the background of the equity incentive mode of listing corporations, the paper empirically selects listing corporations implementing equity incentive as the samples from 2006 to 2014. Based on the perspective of the equity incentive plans, the paper makes an empirical study on the different impacts of equity incentive modes of different corporate properties on the corporate performance. According to the empirical results, the paper draws the following two conclusions： （1） The incentive effect of the stock option is better than that of restricted stock, but the effect is not significant. According to this conclusion, the paper continues to analyze the reasons from the perspective of the company property and further finds： （2） Compared with state-owned enterprises, the incentive effect of stock options of non-state-owned enterprises is more significant, and the incentive effect of stock options of non-state-owned enterprises is better than that of restricted stocks.