股权激励机制对我国上市公司绩效的影响

The Effects of Equity Incentive on the Performance of Listed Companies in Chinese Stock Market

本文研究中国上市公司实施的股权激励机制对公司绩效的影响。我们根据统计学假设检验原理,对股权激励实施前后企业的平均营业总额做出了显著性比较,探讨股权激励对企业规模的影响。其次,我们利用计量经济学原理分别以企业净利润和净资产收益率作为被解释变量,以股权激励行权阶段作为虚拟解释变量直接建立回归模型,客观地考查了在不同的行权阶段,股权激励对企业的盈利水平和经营质量的影响。研究结果表明,中国上市公司实施的股权激励对公司业绩具有一定的促进效果,但是这种促进效果在后期趋弱。

This paper studies the effects of equity incentive on the listed companies of Chinese stock market. We discuss how the equity incentive affects the performance indicators of the companies in dif-ferent exercise stages. Based on the hypothesis testing theory of statistics, we compare the com-panies’ average turnover before and after the implementation of equity incentive, in order to dis-cuss how the equity incentive affects the size of these companies. According to the principles of econometrics, we choose the profit and the rate of return (ROE) as the explained variables sepa-rately, the different exercise stages of the equity incentive as the dummy explanatory variables to establish regression models. The research results show that the equity incentive implemented by the listed companies in Chinese stock market has promoting effects in a degree on the performance of the companies, but the effects show unstable at later stages.