贵州财经大学学报

›› 2019 ›› Issue (04): 51-59.

• 工商管理 • 上一篇    下一篇

产权异质视角下股权激励偏好与公司业绩研究——基于2006—2018年上市公司数据分析

尚煜   

  1. 中国矿业大学(北京)管理学院, 北京 100083
  • 收稿日期:2019-03-11 出版日期:2019-07-15 发布日期:2019-07-24
  • 作者简介:尚煜(1979-),女,内蒙古呼和浩特人,中国矿业大学(北京)副教授,研究方向为公司财务管理,能源经济与政策。
  • 基金资助:

    越崎青年学者基金（2018QN11）；中央高校基本科研业务费项目（2009QG09）。

The Research of Correlation Between Equity Incentive and Corporate Performance under the Perspective of Property Right -Based on the Empirical Data from 2006 to 2018

SHANG Yu   

  1. Management School, China University of Mining & Technology(Beijing), Beijing 100083, China
  • Received:2019-03-11 Online:2019-07-15 Published:2019-07-24

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摘要： 以上市公司产权性质差异为视角，研究了国有控股公司和非国有控股公司股权激励模式的选择偏好，股权激励的实施与公司业绩相关性问题。运用因子分析、Logistic分析和配对样本T检验等方法，研究表明上市公司产权特征不同，股权激励模式选择偏好会受到影响，进而对企业业绩的影响也不相同；相同股权激励模式下，国有绝对控股上市公司与国有相对控股上市公司的激励效果也存在明显差异。

关键词: 产权性质, 股权激励偏好, 企业业绩

Abstract: From perspective of property right difference of listed companies, this paper studies choice preference of stock incentive mode in both state owned holding companies and non-state owned holding companies since 2006, as well as the relationship between the implementation of stock incentive and corporate performance. Sample data, from January 1st, 2006 to June 30th, 2018, are analyzed according to Enterprise Performance Evaluation System issued by the Ministry of Finance. With the method of Factor Analysis,Logistic Analysis and Paired Samples Test being used, it is found that equity incentive model preferences are different according to different property rights, and it has different influences on the performance. With the same incentive mode, two types of state-owned companies' incentive effect are not the same. Then, the paper analyzes stock with stock options in a mixed-mode as a complement research.

Key words: property right, stock incentive mode, corporate performance

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