基于“准自然”实验设计探讨股权激励对上市公司经营绩效的影响

Impact of Equity Incentive on the Performance of Listed Companies based on"Quasi-Nature"Experiment

股权激励作为一种被上市公司广泛采纳的公司激励方式,能够有效地结合股东与公司高管、核心员工的利益,在一定程度上缓解委托代理问题。自2006年以来,我国越来越多的A股上市公司公布了股权激励方案。其中,限制性股票与股票期权为最主要的两种股权激励方式。然而,虽然有关股权激励对公司绩效影响的实证研究丰富,但目前的研究对此存在着不同的结论。基于不同的实证方法,已有研究分别得出了股权激励与公司绩效呈正相关、负相关、不相关、非线性相关的实证结论。因此,如何更加精确的评估股权激励效应,最大化股权激励的作用对我国上市公司有着重要的指导意义。本文选取我国2006-2018年间A股上司公司的股权激励、公司财务、公司治理数据,通过实证研究,分析了股权激励对于公司绩效的影响。本文使用倾向得分匹配法(PSM)与双重差分法(DID)相结合的实证方法,有效控制不可观测变量导致的内生性问题及自选择偏差。同时,通过分样本检验进一步探究了公司所有权性质、所属行业性质对于股权激励效应的影响。本文得出的主要结论如下:(1)股权激励对公司绩效存在显著的正向影响。(2)相比于国有企业,非国有企业的股权激励效应更为显著。(3)相比于非高新技术企业,高新技术企业的股权激励对于公司绩效的正向影响更显著。(4)股权激励效应总体呈边际递减趋势。

Equity incentive,as a widely adopted corporate incentive method,can effectively connect the interests of shareholders with those of company executives and employees,thus mitigating the principal-agent problem to a certain extent.Since 2006,more and more A-share listed companies in China have announced equity incentive plans.Among them,restricted stocks and stock options are the two main types of equity incentives.Despite a great deal of research on the impact of equity incentives on corporate performance,consistent conclusion has not been reached.Based on different empirical methods,previous research has obtained different empirical results:equity incentives are positively,negatively,or nonlinearly related to firm performance.Therefore,how to accurately evaluate the effect of equity incentive becomes important for listed companies to improve performance.This paper selects the equity incentive,financial and corporate governance data of A-share companies in China from 2006 to 2018,and analyzes the impact of equity incentive on company performance through empirical research.The empirical method integrates the Propensity Score Matching(PSM)with Difference in Differences(DID)that are widely used in the field of policy evaluation.PSM-DID method can effectively reduce the endogeneity problem caused by unobserved variables and sample self-selection bias.On this basis,the paper further explores the impact of company property rights and industries on equity incentive effect.The research shows that:(1)Equity incentive has a positive impact on company performance.(2)Compared with state-owned enterprises,the equity incentive effect of private enterprises is more significant.(3)Compared with non-high-tech industries,the positive impact of equity incentive in high-tech industries is more significant.(4)There is a diminishing marginal effect of equity incentive.