中国上市公司股权激励对公司绩效影响的实证研究

本文通过对2007—2010年沪、深两市1 000多家A股上市公司共5 025个样本数据进行实证检验,旨在研究近几年来我国上市公司管理层持股比例、股权激励政策与公司绩效之间的相关关系。引入控制变量,包括公司资产规模、成长性、偿债能力的财务指标,公司绩效分别选择托宾q值和公司净资产收益率(ROE),并且将样本以是否管理层持股,是否实施股权激励,年度截面数据和总体样本进行分类检验。实证结果表明股权激励对公司长期绩效指标的托宾q值为显著的正相关影响。且随着年份的增加,该正相关性越显显著,而在股权激励公司中,管理层高持股与公司q值显著正相关,但激励股本占总股本的比例在本文的模型中与公司托宾q值呈显著负相关。

An Empirical Study on the Effects of Stock Incentive Policies on Corporate Performance of Chinese Listed-Companies

Based on a data analysis of 5025 samples from over 1000 listed A-shared companies during 2007-2010,this paper means to study the effects of managerial ownership percentages and stock option incentive policies on corporate performances.Control variants cover factors such as company asset size,growth potentiality,and debt-paying ability.Corporate performance ismeasured by Tobin’s Q and ROE.Data are categorized and analyzed in terms of managerial ownership,stock option incentive policies,annual cross section data,and overall sample size.Test results indicate that,as time goes by,there is a correspondingly significant and positive relationship between stock option incentive policies and a company’s long-term Tobin’s Q.While the relationship between its portion in the whole stock used for incentive policies and the corporate performance measured by Tobin’s Q is significantly negative.