基于内生视角的股权激励实施效果检验——来自中国上市公司的新证据

发布时间：2018-04-10 07:31

本文选题：股权激励　切入点：倾向得分匹配　出处：《首都师范大学学报(社会科学版)》2017年06期

【摘要】：关于股权激励与公司绩效的关系问题,理论研究和实践中长期存在争议。文章以2006-2011年实施股权激励的上市公司作为处理组样本,在这期间没有实施股权激励的公司作为控制组样本,业绩观察期从2006年到2015年,采用倾向得分匹配法评估股权激励实施效果,研究发现:股权激励实施后,公司经营业绩有显著改善,激励公司比未激励公司的净资产收益率高25.3%,比未激励公司的总资产收益率高18.5%。此外,股权激励有助于公司投资支出水平提升和规模扩张,激励公司的投资支出率和总资产增长率分别比未激励公司高5.3%和24.5%。进一步研究表明:业绩越好的公司,越有可能实施股权激励,公司在进行股权激励决策时存在"选择性偏见"。
[Abstract]:As to the relationship between equity incentive and corporate performance, there are long-term disputes in theory and practice.In this paper, the listed companies that implemented equity incentive from 2006 to 2011 were used as the sample of the treatment group, while those without equity incentive were used as the control group. The performance observation period was from 2006 to 2015.Using the tendency score matching method to evaluate the effect of equity incentive implementation, the study found that: after the implementation of equity incentive, the company's business performance has significantly improved.The return on net assets of incentive companies is 25.3% higher than that of unmotivated companies, and 18.5% higher than that of unmotivated companies.In addition, equity incentive helps to increase the level of investment expenditure and expand the scale of the company. The investment expenditure rate and total asset growth rate of the incentive company are 5.3 percent and 24.5percent higher than that of the unmotivated company, respectively.Further research shows that the better the performance, the more likely to implement equity incentive, and the more selective bias exists in the decision-making of equity incentive.
【作者单位】：四川大学经济学院;
【基金】：四川省哲学社会科学规划重大招标项目(项目编号:SC13ZD05)的研究成果
【分类号】：F832.51

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