股权激励绩效与股权结构关系

股权激励绩效与股权结构间的关系分析对股权激励制度的推行意义重大。运用分布滞后模型对中国上市公司中在相关的年份实施经营者股权激励的公司进行的全样本的动态研究发现：实施股权激励后．公司股权集中度降低；在注意提升内部人持股比例，加大激励力度的同时，提高了股票的流通性；上市公司实施股权激励当年的股权激励绩效与公司第一大股东、前五大股东、前十大股东持股比例均呈显著的负相关关系；股权激励绩效与国有股比例、非流通股比例呈显著的负相关关系，而与非国有股比例、流通股比例和内部人持股比例呈显著的正相关关系。

The Relationship between the Structure of Ownership and the Performance of Equity-Based Incentives

By researching on the relationship between the structure of ownership and the performance of equity- based incentives, this paper finds that the corporation＇s concentration of ownership and the liquidity of ownership were improved after the system of equity-based incentives was conducted. Secondly, the listed corporations＇ performance after they conducted the system of equity-based incentives has a significant negative correlation with the first major shareholder＇s stock, the top five shareholder＇s stock and the top ten shareholders＇ stock. Thirdly, the listed corporations＇ performance after they conducted the system of equity-based incentive has a significant negative correlation with the state-owned shares and the non-tradable shares, but there is a positive correlation between the corporations＇ equity- based performance and the non-state-owned shares, tradable shares and insider ownership stock.