加强核心员工股权激励能提升公司绩效吗?  

Can Strengthening Equity Incentives of Core Employees Improve Company Performance?

作　　者：童长凤[1,2] 杨宝琦 TONG Chang-feng;YANG Bao-qi(School of Economics,Lanzhou University,Lanzhou 730000,China;The Belt and Road Research Centre of Lanzhou University,Lanzhou 730000,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000 [2]兰州大学"一带一路"研究中心,甘肃兰州730000

出　　处：《经济经纬》2019年第1期118-125,共8页Economic Survey

基　　金：教育部人文社会科学研究西部和边疆地区规划基金项目(13XJA790007);兰州大学中央高校基本科研业务费专项资金一带一路专项基金项目(17LZUJBWZX021);兰州大学中央高校基本科研业务费专项资金创新人才培养项目(2022017skcx009)

摘　　要：以2012年实施股权激励计划的A股113家上市公司为样本,用2013—2017年数据建立面板模型,分析上市公司业绩与核心员工股权激励强度之间的内在联系,考察上市公司的股权激励效果。实证结果表明:核心员工股权激励强度的加大会对公司业绩产生积极作用;从激励方式来看,针对核心员工的激励方式——限制性股票可以产生相对更优的股权激励效果。将样本公司根据行业进行分样本回归发现,核心员工股权激励强度对公司业绩的促进作用不因行业不同而存在明显差异。本研究对近年来我国股权激励对象由以高管为主向以核心员工为主过渡的现象得到了解释。Taking 113 A-share listed companies as samples that implemented the equity incentive plan in 2012 and establishing a panel model using data of 2013-2017,this paper analyses the intrinsic relationship between listed companies’ performance and equity incentive of core employees,and examines the effects of listed companies’ equity incentives. The empirical results show that the strengthening of equity incentives of core employees will have a positive effect on companies’ performance. From the perspective of incentive method,restricted stocks,which can produce relatively better equity incentive effect,is more appropriate to motivate core employees.Through analysis of subsample regression,it is found that the intensity of equity incentive of core employees shows no industry difference in promoting companies’ performance. The transition equity incentive in recent years from executives to core employees has been explained.

关 键 词：股权激励 核心员工 公司绩效 

分 类 号：F272.92[经济管理—企业管理]