控制权结构与股权激励有效期设定——基于资本市场的实证研究  

Control Rights Structure and Equity Incentives Validity Period Setting:Empirical Analysis on the Capital Market

作　　者：古柳 王烨[2] 姚家乐 

机构地区：[1]无锡太湖学院会计学院,江苏无锡214064 [2]安徽财经大学会计学院,安徽蚌埠233030 [3]致同会计师事务所南京分所,江苏南京210035

出　　处：《审计与经济研究》2016年第6期85-92,共8页Journal of Audit & Economics

基　　金：国家社会科学基金一般项目(13BJY013);江苏省高等教育教改研究一般项目(2015JSJG250);江苏高校哲学社会科学研究一般项目(2015SJD413);江苏高校品牌专业建设工程资助项目

摘　　要：以2006至2015年间我国推出股权激励计划的上市公司为研究对象,从控制权结构视角,本文研究了实际控制人控制权结构对股权激励有效期设定的影响。研究发现,实际控制人控制权比例与上市公司所设定的股权激励有效期长短显著正相关;相对于非国有控股公司,国有控股公司所设定的激励有效期更长,并且国有控股公司实际控制人控制权对上市公司所设定的激励有效期的正向影响程度更大;当管理层权力较弱时,实际控制人控制权与激励有效期之间的正相关关系会增强。本文从激励有效期设定的角度,丰富了股权激励有效性研究文献;同时,从实际控制人控制权结构视角,拓展了股权激励契约设计的影响因素研究。This paper studies the influence of the actual controller＇s control rights structure on the design of equity incentive plan. Sample data of 959 listed companies in China which implemented the equity incentive plan from 2006 to 2015 were collected. Through observation and analysis of the results of a series of regression analysis, the following conclusions axe drawn： （ 1 ） The control right of the actual controller has a significant positive correlation with the setting of the validity period of the equity incentive; （2） In the state-owned enterprise, the influence of the actual controller＇s control right on the validity period of the equity incentive is more obvious, and will tend to set a longer period of equity incentive validity; （ 3 ） When the man- agement team＇s power is weak, the positive correlation between the actual controller and the validity period of the equity incen- tive will be enhanced. This paper puts forward two suggestions on the period of validity period setting for China＇s listing companies in the equity incentive. Firstly, the actual controller should pay attention to the balance of other factors while extending the validity period of equity incentive. Secondly, it is possible to extend the validity of equity incentive in state-ownod enterprises by extending the exercise period.

关 键 词：股权激励 实际控制人 大股东控制权 公司治理 资本市场 剩余索取权 信息不对称 激励效应 

分 类 号：F272[经济管理—企业管理]