股权激励强度对上市公司绩效影响的实证研究

The Research on the Effects of Equity Incentive Intensity on Company Performance

股权激励强度对企业价值和净资产收益率均有积极的影响,这一影响在不同性质的企业样本中表现不同,在国有企业样本中股权激励强度对净资产收益率的影响呈显著的负相关。股权结构对企业价值和净资产收益率均产生正向影响,董事会结构对企业价值和净资产收益率的影响整体呈负相关,且受资产负债率和产权性质的调节。资产负债率对企业绩效的作用受产权性质的影响,具体表现为在国有企业中对企业价值和净资产负债率的影响呈现出不显著的正相关;在全样本和非国有企业的样本组中显著的负相关;企业年龄对企业价值和净资产收益率的影响呈显著的负相关。

It is found that the effect of equity incentive has a positive effect on the enterprise value and the return on net assets.This effect is different in the sample of different nature.The effect of equity incentive intensity on the return on net assets is significant in the sample of state-owned enterprises Negative correlation.The ownership structure has a positive impact on the enterprise value and the return on net assets.The impact of the board structure on the value of the enterprise and the return on the net assets is negatively correlated and regulated by the asset load rate and property right.The effect of asset-liability ratio on the performance of the firm is affected by the nature of property rights,which shows that there is no significant positive correlation between the value of enterprise and the net asset load in state-owned enterprises.In the sample group of all sample and non-state enterprises significant negative correlation;firm age has a significant negative correlation to the impact of firm value and return on net assets.