上市公司股权激励的短期财富效应研究

2006年1月至2008年1月我国共有60多家上市公司采取了股权激励的方案。采用事件研究法对这些上市公司股权激励案例进行实证研究发现，在选定的时间窗口内，总样本的股权激励活动会引起显著的股东短期财富效应变化。分类研究发现，股票期权的激励形式引起的财富效应大于限制性股票的形式，但是，高比例的股权激励并不一定产生较高的财富效应。另外，成长性也是投资者关注的因素之一。成长性高的公司的股价上升幅度较成长性低的公司大。

The Short-term Wealth Effect of Equity Incentive in Listed Companies

In this paper, we use event study method to reaserch 55 listed companies that carried out equity incentive plan from January 2006 to January 2008 on the data of Chinese listed companies. Empirical researches indicate that equity incentive can increase the short-term wealth effect of shareholders. We also find that stock option can increase the wealth effect more significantly than restricted stock. But the proportion of incentive stock accounting for the total entity has little effect on shareholders wealth...