股权激励、契约异质性与财务绩效  

Equity Incentive,Contract Heterogeneity and Financial Performance

作　　者：张颖慧[1] 肖文娟 ZHANG Yinghui;XIAO Wenjuan(School of Economics and Management,Xi'an Shiyou University,Xi'an,Shaanxi 710065,China)

机构地区：[1]西安石油大学经济管理学院,陕西西安710065

出　　处：《西安石油大学学报（社会科学版）》2024年第1期65-73,88,共10页Journal of Xi’an Shiyou University:Social Science Edition

基　　金：陕西省教育厅重点科学研究计划项目“农村数字普惠金融服务乡村振兴绩效评价研究”(21JZ044)。

摘　　要：选取2011-2021年A股上市公司为研究对象,探究股权激励及契约异质性对企业财务绩效的影响。研究发现:股权激励与财务绩效显著正相关,限制性股票激励模式对财务绩效的作用更显著。通过作用机制检验发现:股权激励促进企业创新投入和产出水平的提升,进而提高企业财务绩效。通过异质性分析发现:企业规模不同,激励模式、激励范围、激励强度和激励有效期的选择对财务绩效产生不同的影响。从完善股权激励制度、选择适当激励模式、推动“激励——创新”机制等方面提出建议。Selecting A-share listed companies from 2011 to 2021 as the research objects,this paper explores the impact of equity incentives and contract heterogeneity on corporate financial performance.The results show that equity incentive is positively correlated with financial performance.The restricted stock incentive model has a more significant effect on financial performance.In the mechanism test,it is found that equity incentive can promote the innovation input and output level of enterprises,and then improve the financial performance of enterprises.Heterogeneity analysis shows that the different size of enterprises and the choice of incentive mode,incentive scope,incentive intensity and incentive validity period have different effects on enterprise financial performance.Suggestions are put forward from the aspects of perfecting the equity incentive system,selecting the appropriate incentive mode and promoting the"incentive-innovation"mechanism.

关 键 词：股权激励 契约异质性 财务绩效 

分 类 号：F272.92[经济管理—企业管理] F272.3[经济管理—国民经济]