上市公司股权激励与经营绩效的实证研究

股权激励的基本思路是通过让管理层持有公司股份,从而使其与所有者的利益趋于一致,以使管理层为了增加自身收益而努力为企业利益最大化服务。但在我国目前的市场环境下,股权激励的实施效果如何,股权激励是否能提高公司业绩,对这一问题还没有确切答案。基于探究股权激励实施效果的目的,以2008～2010年国内实施股权激励计划的上市公司为研究对象,实证研究股权激励与公司业绩之间的关系。研究结果表明:在我国,从长远来看,上市公司股权激励能提高企业经营绩效。

An Empirical Study of Relationship between Equity Incentives and Performances of Listed Company

The basic idea of equity incentives is that through letting the operators hold shares of the corporation,it makes the operators’ interests consistent with the owners,so as to urge the operators to exert their efforts and maximize their own interests.But under current market environment in China,it has no definite answer to how the implementation effect of equity incentives is and whether equity incentives can improve the performance of the company.Based on the purpose to explore the implementation effect of equity incentive,this paper takes the data of the listed company in China from 2008 to 2010 as an example and makes an empirical study of the relationship between equity incentives and performances of listed company.The study shows that in the long run,the equity incentives of the listed company in China can improve enterprise performances.