基于PSM法的限制性股票激励长期股价效应

Restricted stock incentive′s long-term stock price effect based on PSM method

采用倾向得分匹配法(PSM)对2007~2017年中国上市公司实施限制性股票激励长期股价效应进行实证研究。结果显示:全样本下,在实施日后五年(0~60月),实施企业的股票存在显著正向买入持有超额收益率,具有明显长期股价效应,且在0~24月和24~60月窗口期呈两段峰值偏右的倒“U”型分布。进一步区分授予动机类型,发现激励型授予动机对长期股价效应的影响显著好于福利型授予动机。实证结果从市场效应角度证实限制性股票激励在我国的有效性,激励型授予动机对股权激励效果发挥了积极作用。

This paper conducts an empirical study on the long-term stock price effect of restricted stock incentives implemented by Chinese listed companies from 2007 to 2017 based on the propensity score matching method(PSM).The result shows that in the full sample,the stocks of the implementing companies have significant positive buy and hold abnormal return(BHAR)in the five years(0-60months)after the implementation date,and have significant long-term stock price effects.The distribution shows two inverted“U”pattern with the peak skewed to the right in the periods of 0-24 months and 24-60 months.It is found that the impact of incentive-based type on long-term stock price effect is significantly better than that of welfare-based type motivation by further distinguishing the types of incentive motivation.The empirical results prove the effectiveness of restricted stock incentive in China from the market perspective,and the incentive-based type motivation plays a positive role in the effect of stock incentive.