上市公司管理层股权激励与公司绩效研究

Stock Share Incentive of the Management of Listed Companies and Company Achievement Research

在对国内外文献进行详细梳理的基础上,选取2000—2004年399家国内上市公司作为样本,通过建立最小二乘回归(OLS)模型与最小二乘虚拟变量(LSDV)模型,实证分析了管理层股权激励在国内上市公司的实行效果。研究认为管理层股权激励有助于提高公司的市场价值,但是从财务指标上看,这种正面效果还不明显。而公司股权制衡能力的提高,有助于公司的财务绩效的改善,并且对管理层的有效经营也有一定的益处。另外,研究结果还表明,时间对实证结果有重要的影响。

Based on studying the literature at home and abroad,this paper selects the 399 listed companies from 2000 to 2004 to analyze the effect of stockshare incentive of the management on domestic listed companies by establishing Least Square Regression Model and Least Square Dummy Variable Model.The results show that stockshare incentive for the management is helpful for the improvement of companies' market value,which,however,are not significant from financial index.Nevertheless,the improvement of companies' controlling ability over stock rights contributes to the improvement of financial performance of companies,and to the effective operation of the management as well.In addition,the results show that time has important influence on demonstration result.