基于元分析的我国上市公司股权激励对企业财务绩效的影响研究  

Meta Analysis of the Impact of Equity Incentives Financial Performance of the Listed Companies in China

作　　者：赵雪梅 卢洁妤 ZHAO Xue-mei;LU Jie-yu(School of Business,Northwest Normal University,Lanzhou,Gansu,730o70,PRC;Gansu Academy of Social Sciences,Lanzhou,Gansu,730070,PRC)

机构地区：[1]西北师范大学商学院,甘肃兰州730070 [2]甘肃省社会科学院,甘肃兰州730070

出　　处：《西北师大学报（社会科学版）》2024年第2期127-137,共11页Journal of Northwest Normal University(Social Sciences)

基　　金：国家社会科学基金一般项目“国家生育政策调整与女性劳动力参与率变化的相关性研究”(22XJY033);甘肃省教育厅产业支撑计划项目(2021CYZC-59)。

摘　　要：随着股权激励制度的不断发展,关于我国上市公司如何进行股权激励的话题引起学者们的重视,然而用传统的分析方法对中国情境下股权激励与企业财务绩效关系的研究,至今尚未得出一致结论。鉴于此,本研究使用元分析(Meta analysis)方法,对股权激励水平与企业财务绩效关系的60篇文献样本,174个效应值,以及股权激励模式与企业财务绩效关系的27篇文献样本,90个效应值进行定量统计分析,以此得出关于股权激励与企业财务绩效关系的阶段性定论。研究结果表明:(1)股权激励水平能够显著提升企业财务绩效;(2)分别实施股票期权与限制性股票的模式均对企业财务绩效有显著的正向影响,且股票期权的激励效果要优于限制性股票;(3)情境调节因素(股权激励的模式、企业上市板块)和方法调节因素(企业财务绩效测量指标、数据类型)能够对股权激励水平与企业财务绩效关系产生显著的调节作用,而企业性质对二者关系不具有调节作用。从更加宏观的视角阐述股权激励与企业财务绩效关系的内在机制,探究可能导致研究结论存在不一致性的潜在调节因素,以期为未来研究提供参考,并为我国上市企业建立更加有效的股权激励制度提供建议。With the continuous development of the equity incentive system,the topic of how to implement equity incentives for the listed companies in China has attracted scholars'attention.However,the study of the relationship between equity incentives and corporate financial performance in the Chinese context using traditional analytical methods has not yet reached a consistent conclusion.On this basis,this research uses the meta-analysis method,in which 60 literature samples,174 effect size,27 literature samples and 90 effect size of the relationship between equity incentive level and corporate financial performance,as well as the equity incentive model and corporate financial performance are analyzed quantitatively,so as to draw a conclusion about the stage of equity incentive and corporate financial performance.The research results indicate that the level of equity incentives can significantly improve the financial performance of enterprises;The mode of implementing stock options and Restricted stock respectively has a significant positive impact on corporate financial performance,and the incentive effect of stock options is better than that of Restricted stock;The situational moderating factors and methodological moderating factors can have a significant moderating effect on the relationship between equity incentive levels and corporate financial performance while the nature of the enterprise does not have a moderating effect on the relationship between the two.This study elaborates on the internal mechanism of the relationship between equity incentives and corporate financial performance from a more macro perspective,explores potential moderating factors that may lead to inconsistent research conclusions,provides reference for future research,and provides suggestions for establishing more efficient equity incentive systems for listed companies in China in the future.

关 键 词：股权激励水平 股权激励模式 企业财务绩效 元分析 调节效应 

分 类 号：F275[经济管理—企业管理] F276.6[经济管理—国民经济]