上市公司股权激励强度及分布结构的影响因素研究

发布时间：2018-04-13 06:28

本文选题：上市公司 + 股权激励　；参考：《社会科学研究》2011年04期

【摘要】：不能简单地认为股权激励是一种解决企业委托代理问题的工具。授予激励对象多少股份,如何在高管和骨干员工之间分配激励股份,实际上是企业在市场强制力下,对自身生产经营结构和人际关系结构特征多种因素考虑权衡后的一种制度安排。实证研究结果显示,目前国内上市公司股权激励强度受到规模、股权集中度、独董比例、代理成本、企业性质和负债水平等因素影响;激励分布结构受到技术特征、规模、独董比例和管理层持股水平等因素影响。上市公司制定股权激励计划需要对企业的生产经营结构和人际关系结构特征进行全面考察,并对企业面临的市场强制力作出评估,以保证股权激励能够发挥应有的作用。
[Abstract]:We can not simply think that equity incentive is a tool to solve the principal-agent problem.How many shares are granted to the incentive object, and how to distribute the incentive shares between senior executives and key employees is actually an enterprise under the force of the market.A kind of institutional arrangement after considering many factors of its own production and management structure and interpersonal relationship structure.The empirical results show that, at present, the intensity of equity incentive is affected by scale, concentration of ownership, proportion of sole director, agency cost, nature of enterprise and level of debt, and the structure of incentive distribution is influenced by technical characteristics, scale, and so on.The proportion of independent directors and management ownership level and other factors.It is necessary for listed companies to make a comprehensive investigation of the production and management structure and interpersonal relationship structure of enterprises, and to evaluate the market coercive power faced by enterprises in order to ensure that equity incentive can play its due role.
【作者单位】：四川大学工商管理学院;
【基金】：国家社会科学基金重点项目“我国信用制度体系建设及其次序研究”(09AZD046)
【分类号】：F275;F832.51

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