高管激励模式、产权性质与企业绩效

Executive Incentive Model,Property Rights Nature,and Corporate Performance

企业高管的激励问题历来是社会关注的焦点。本文以2010—2021年广东省A股上市公司为研究对象,讨论了不同激励方式对企业绩效的影响,分析了不同产权性质下激励方式对企业绩效的影响程度。研究结果表明,薪酬激励和股权激励可以明显改善企业的短期绩效(ROA)和长期价值(TobinQ)。薪酬激励对国资企业财务绩效的影响超过民营企业,而股权激励对民营企业财务绩效的提升则超过国资企业。基于以上结论,从公司治理和高管激励等方面提出了相关建议。

The incentive issue for corporate executives has always been a focus of social attention.This article takes A-share listed companies in Guangdong Province from 2010 to 2021 as the research object,discusses the impact of different incentive methods on corporate performance,and analyzes the degree of impact of incentive methods on corporate performance under different property rights.The research results indicate that salary incentives and equity incentives can significantly improve short-term performance(ROA)and long-term value(TobinQ)of enterprises.The impact of salary incentives on the financial performance of state-owned enterprises exceeds that of private enterprises,while the improvement of equity incentives on the financial performance of private enterprises exceeds that of state-owned enterprises.Based on the above conclusions,relevant suggestions have been proposed from aspects such as corporate governance and executive incentives.