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  

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

作　　者：尚煜[1] SHANG Yu(Management School,China University of Mining & Technology (Beijing),Beijing 100083,China)

机构地区：[1]中国矿业大学(北京)管理学院

出　　处：《贵州财经大学学报》2019年第4期51-59,共9页Journal of Guizhou University of Finance and Economics

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

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。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.

关 键 词：产权性质 股权激励偏好 企业业绩 

分 类 号：F275[经济管理—企业管理]