上市公司终止实施股权激励的动机研究  

A Study of Motivations for Listed Firms' to Terminate Stock Option Incentive Plans

作　　者：刘峰[1] 冯星[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《厦门大学学报（哲学社会科学版）》2014年第5期126-135,共10页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家自然科学基金项目"制度变迁.控制权市场与企业价值--产权理论视角"(71272079);教育部文科基地重大项目"非市场化控制权转移"(11JJD790032)

摘　　要：我国上市公司从2006年开始实施规范的股权激励,至2012年底已经有377家公司先后推出了股权激励计划,与此同时104家上市公司在推出股权激励计划之后又宣布终止实施。对于上市公司为什么会终止股权激励,国内尚无研究。从公司公告给出的解释出发,实证检验其终止股权激励的合理性,并结合我国资本市场的特点分析可能的深层次原因。研究发现:公司终止股权激励的主要原因是公司股票在资本市场上表现不佳,以及股权激励时对高管和核心员工的分配差异。Since 2006 China Securities Regulatory Commission( CSRC) began to allow firms to grant stock options as compensation to top management and employees. By the end of 2012,377 listed firms had announced their stock option incentive plans,yet 104 of them terminated those incentive plans afterwards. So far no research has been done on what led to their terminations in China. We examine the reasons at a deeper level starting from analyzing the initial explanations when the plans were first announced,validating empirically the rationality of their terminations,together with an analysis of specific characteristics of the Chinese capital market. The results suggest that firms terminate their plans mainly because of poor performance of their stocks in the capital market,and also because of distributional differences in incentives for executive members and key employees.

关 键 词：股权激励 终止实施 代理成本 

分 类 号：F275[经济管理—企业管理]