股权激励对企业经营绩效的影响实证研究

The Empirical Study on the Impact of Equity-Based Incentives on Business Performance

股权激励的实行承载着企业对提升企业经营效率的希望,随着股权激励的不断完善,股权激励也成为企业发展和管理过程中的常态化工具之一。本文把股票期权和限制性股票两种代表性股权激励方式作为研究对象,采用实证研究的方式,借助A股信息传输、软件和信息技术服务业上市公司的资产收益率等指标,用回归分析结果说明股权激励与公司经营绩效之间的影响关系,验证股权激励存在与否是否能对企业发展产生显著影响,以及这种影响随股权激励强度的变化而变化的规律,进而为企业是否需要借助股权激励实现效率提升提供数据支持,为企业制定股权激励政策提出一定参考建议。

The implementation of equity incentives carries the hope of enterprises to improve their operational efficiency. With the continuous improvement of equity-based incentives, equity-based incentives have become one of the normalized tools in the development and management process of en-terprises. This article takes two representative equity-based incentive methods, stock options and restricted stocks, as the research objects. Through empirical research, using indicators such as asset return of A-share listed companies from information transmission, software, and information technology service industry, regression analysis results are used to illustrate the relationship between equity-based incentives and company performance, and to verify whether the existence of equity-based incentives can have a significant impact on enterprise development, and the pattern of this impact changing with the intensity of equity-based incentives, providing data support for whether enterprises need to use equity-based incentives to achieve efficiency improvement, and providing certain reference suggestions for formulating equity incentive policies for enterprises.