上市公司股权激励方式及其倾向性选择——基于中国上市公司的实证研究  

Research on the Tendency of Listed Companies in Choosing the Main Equity Incentives——Based on Listed Companies' Data in China

作　　者：徐宁[1] 

机构地区：[1]山东大学管理学院,山东济南250100

出　　处：《山西财经大学学报》2010年第3期81-87,共7页Journal of Shanxi University of Finance and Economics

基　　金：山东省自然科学基金项目"公司治理视角下的资本结构与公司绩效关联性研究"(Z2008H07)

摘　　要：以2006～2008年公告股权激励方案的中国上市公司为样本,运用Spearman相关性分析与Logistic回归分析方法对其倾向性选择进行了实证研究,结果表明,企业成长性、企业规模与控股股东性质是影响其股权激励方式选择的显著性因素,企业在选择不同的契约方式时要充分考虑自身的特点,寻找利益平衡点是激励方案成功的关键。Stock option and restricted stock are the two main models of China＇s listed companies after Non-tradable Shares Reform. They are different in rights and obligations, valuation, restricted stage and accounting. Different listed companies have the tendency to choose them. The author adopts data of listed companies that have announced stock incentive plans in China to do the empirical research, and the results show that growth, size and ownership are the main factors to choose the plan. To consider the situation of the firms is the key to success of equity-based incentive plan.

关 键 词：股权激励 股票期权 限制性股票 倾向性选择 

分 类 号：F270[经济管理—企业管理]