我国上市公司管理层股权激励与绩效关系的实证研究

运用委托——代理理论分析了股权激励对公司绩效的作用机理,提出了股权激励对公司绩效显著正相关的假设,并以我国上市公司为样本,用多元回归模型进行实证分析。实证结果表明,管理层持股比例与上市公司综合绩效之间存在一定的正向相关关系,但其对上市公司经营绩效的影响比较微弱。

Empirical Research on Relationship between Management Stock Ownership Incentive and Performance in Listed Companies in China

This paper use delegate agent theory to analyze the stock ownership incentive mechanism to the company performance,put forward the assumptions of the stock ownership incentive is significant and positive to the performance of companies,taking the listed companies in China as sample and made the empirical analysis using multiple regression model.The empirical results show that there is the positive correlation between management shareholding ratio and comprehensive performance of the listed company,which is much weaker to operating performance of listed companies.