员工激励对公司股票的实证研究

Employee Incentives and the Performance of Stock Price

合理的员工激励有助于提高员工的归宿感和工作积极性,改善公司绩效和市场表现。采用2014-2016年中国沪深A股上市公司的数据,本文分析了员工激励对公司股价的影响。研究发现,作为长期激励手段,员工持股计划对上市公司股价有正向影响,显著提升了上市公司的超额收益率。薪酬增长率和公司内薪酬差距对上市公司股价的市场表现有异质性。在非国有上市公司中,薪酬增长率影响较为显著,员工薪酬增长越快的公司在二级市场上的股价表现越好。而在国有上市公司中,薪酬差距的影响更为显著,薪酬差距越大的公司股价表现越差。本文的研究结论意味着,采用不同措施协调高管与员工激励,分类采取市场导向与政府干预结合的方式,不仅有助于平衡不同群体之间的收入差距,而且有助于上市公司质量的提升。

The Employee incentives are important to the development of the companies,which will improve the employees’sense of belonging and work enthusiasm.Based on the data of Shanghai and Shenzhen A-share listed companies in China from 2014-2016,we analyze the influence of employee incentives on the stock price performance of listed companies.As a long-term incentive method,ESOP has a positive impact on the stock price of listed companies.Salary growth rate and pay gap have different effects on the market performance of listed companies.To the non-state-owned listed companies,the pay growth rate is more significant,and the faster the increase in employee compensation,the better the performance of the stock price.In the state-owned listed companies,the pay gap is more likely to have a significant impact on the company undefined share price,the bigger the pay gap,the worse the performance of the stock price.The conclusions of this paper mean that adopting different measures to coordinate the incentives of executives and employees and adopting the combination of market orientation and government intervention can not only help to balance the income gap among different groups,but also helps to improve the quality of listed companies.