股权激励、双重行权限制与新能源企业价值——以A股新能源上市公司为例  

Equity Incentive,Dual Authority Restriction and Value of New Energy Enterprises——Taking A-share New Energy Listed Company as an Example

作　　者：杨睿娟[1] 张文瑞 吴小燕 冀梦琪 YANG Ruijuan;ZHANG Wenrui;WU Xiaoyan;JI Mengqi(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)》2025年第1期85-96,共12页Journal of Xi’an Shiyou University:Social Science Edition

基　　金：陕西省社会科学基金项目“推动科技人才评价改革扎实落地对策研究”(2023KRW2-09);促进我省新型智库发展提升服务党委政府决策能力研究(2023ZD1817)。

摘　　要：以2008—2023年上市新能源企业的相关数据为研究样本,采用倾向得分匹配法和多时点双重差分模型,实证检验股权激励对新能源企业价值的影响。研究表明:实施股权激励能够促进新能源企业价值提升;股权激励通过降低企业代理成本和提高风险承担水平提升新能源企业价值;股权激励计划在非国有、经营规模较大、激励工具为限制性股票的新能源企业中实施效果更好。Taking the relevant data of listed new energy enterprises from 2008 to 2023 as the research samples,this paper empirically tested the impact of equity incentive on the value of new energy enterprises by using the propensity score matching method and the multi-time point differential model.The research shows that the implementation of equity incentive can promote the value of new energy enterprises;Equity incentive can improve the value of new energy enterprises by reducing the agency cost and increasing the level of risk bearing.The implementation effect of equity incentive plan is better in non-state-owned new energy enterprises with large operation scale and restricted stock as the incentive tool.

关 键 词：股权激励 新能源企业价值 双重行权限制 代理成本 风险承担 

分 类 号：F270.7[经济管理—企业管理] F270.3[经济管理—国民经济]