| 股权激励对公司绩效倒U型影响 |
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| 引用本文： | 范合君,初梓豪.股权激励对公司绩效倒U型影响[J].经济与管理研究,2013(2):5-11. |
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| 作者姓名： | 范合君 初梓豪 |
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| 作者单位： | 1. 首都经济贸易大学工商管理学院,北京,100070
2. 首都经济贸易大学统计学院 |
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| 基金项目： | 教育部人文社会科学研究青年基金项目"民营资本进入垄断产业后的规制、治理与救助机制研究"，北京市教委科研计划立项项目"大部制下中国垄断产业规制体系构建与机制设计研究" |
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| 摘 要： | 高层管理者薪酬结构对公司绩效有重要影响.本文从高层管理者薪酬结构特别是股权激励结构的角度出发,研究股权激励与公司绩效的相关关系,利用计量经济学分析方法构建回归模型,对2009～2011年上市公司的数据进行实证分析.研究发现高管持有股权和期权占其总薪酬比率偏低,而该比率对公司每股收益存在显著的倒U型影响,现阶段中国上市公司管理层薪酬结构有待优化.
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| 关 键 词： | 高级管理人员 股权激励结构 每股收益 回归分析 |
| 收稿时间： | 2012/11/12 0:00:00 |
The U-shape Influence of Equity Incentive to Performance of Listed Companies |
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| FAN He-jun,CHU Zi-hao.The U-shape Influence of Equity Incentive to Performance of Listed Companies[J].Research on Economics and Management,2013(2):5-11. |
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| Authors: | FAN He-jun CHU Zi-hao |
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| Abstract: | The top-management's salary structure plays an important role in the company performance.From the perspective of the top-management's salary structure especially the equity incentive structure,this paper mainly investigates the relationship between equity incentive and company performance.Based on the data from 2009 to 2011,the paper applies to econometric methods and sets up a regressive model,proving that the percentage of shares and options held by top-management is lower.But the rate has inverted U-shape effect on the firm's earnings per share.Therefore,the present system of top-management's compensation is still to be further optimized. |
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