股权激励、约束机制与业绩相关性——来自中国上市公司的经验证据

本文以我国2006年1月1日到2010年12月31日实施股权激励的沪深上市公司为样本,考虑股权激励本身的约束、内部公司治理背景以及外部监管等与股权激励有关的约束机制,研究股权激励、约束机制与业绩之间的相关性。研究发现:(1)上市公司管理层股权激励与公司业绩显著正相关,实施股权激励有利于提高公司业绩;(2)约束水平综合值与公司业绩正相关,说明约束机制对管理层越有效,越有利于提高公司业绩;(3)目前,股权激励与约束机制尚未有效配合,未能出现共同提高业绩的协同效应。

Equity Incentive,Restraint Mechanism,and Corporate Performance: Empirical Evidence from Listed Companies in China

Taking listed companies implementing equity incentive from January 1,2006 to December 31,2010 as the sample,this paper discusses the restraint mechanism including constraints of the equity incentive plan,internal corporate governance and external supervision,and studies the correlation among equity incentive,restraint mechanism,and corporate performance.Conclusions are found as followings:(1) There is a significant positive correlation between the implementation of equity incentive and performance.Equity incentive improves corporate performance.(2) The level of constraints is positively correlated with corporate performance,which means that the more effective restraint mechanisms on management,the more improved corporate performance.(3) The synergistic effect fails to function because the equity incentive and restraint mechanisms are not yet effectively co-ordinated currently.