员工股权激励与内部控制质量

利用2008—2016年A股上市公司数据,考察员工股权激励对内部控制质量的影响。研究发现,员工股权激励与内部控制质量显著正相关;整体来看,股权激励计划的实施有助于提升企业内部控制质量。员工股权激励对内部控制质量的提升作用同时体现在对内部控制要素和内部控制目标的影响上。具体而言,一方面员工股权激励能够促进控制环境、控制活动以及信息与沟通要素发挥作用,另一方面员工股权激励还有助于促进内部控制战略目标和经营目标的实现。进一步分析发现,员工股权激励对内部控制的促进作用在市场化水平更低、行业竞争程度更高的公司中更加显著。这说明,当企业面临的外部环境条件不利于企业实现股权激励计划设定的业绩目标时,激励对象可能会致力于改善公司的内部环境,通过促进内部控制质量的提升来为业绩目标的实现提供内部环境保障和内源动力。

Employee Equity Incentives and Internal Control Quality

Based on the data of A-share listed companies from 2008 to 2016, we examine the relation between non-executive employee equity incentives and the quality of internal control. The result presents a positive link between non-executive employee equity incentives and the quality of internal control. Overall, the implementation of equity incentive plan helps to improve the quality of internal control. On the one hand, non-executive employee equity incentives promote the implication of internal control elements, such as control environment, control activities and communication. On the other hand, non-executive employee equity incentives also contribute to the realization of strategic and operational goals. Further analysis shows that the positive effects of non-executive employee equity incentives are more significant in companies with lower level of marketing and higher level of industry competition. In order to achieve the performance targets, employees are more likely to strengthen internal governance, such as improve the quality of internal control when the external environment is more severe.