上市公司股权激励对企业价值的影响--以江苏省上市公司为例

The impact of stock incentive on enterprise value of listed companies--A case study of listed companies in Jiangsu province

股权激励作为现代企业常用的激励方式,被越来越多的公司用来解决两权分离带来的问题。上市公司利用股权激励带来的协同效应,使股东与管理者之间的利益趋于一致,逐渐成为很多上市公司的必要手段。文章选取江苏省上市公司为样本,对2013~2017年的数据进行分析,探讨股权激励是否对上市公司的价值有显著影响。实证发现:上市公司实施股权激励确实对企业价值有显著的正向影响,并且股权激励程度越深,股权激励对企业价值的影响越大。

As a common incentive method in modern enterprises,equity incentive has been used by more and more companies to solve the problems caused by the separation of two rights.Using the synergistic effect of equity incentive to make the interests of owners and managers converge,has gradually become a necessary means for many listed companies.The paper chooses listed companies in Jiangsu province as samples to analyze the data from 2013 to 2017,and to explore whether equity incentives have a significant impact on the value of listed companies.Empirical research shows that the implementation of equity incentive in listed companies has a significant positive impact on corporate value,and the deeper the degree of equity incentive,the greater the impact of equity incentive on corporate value.