股票增值权激励有效吗

股票增值权是上市公司对管理层实施激励的重要做法，在我国大型国有控股境外上市公司中普遍采用。本文以中国石化为研究对象，对实施股票增值权计划后的公司财务绩效、治理机制与管理层代理成本、股票市场反应等作了实证检验。本文认为，股票增值权计划对公司财务绩效提升、治理机制改善具有一定的积极正面效应；股票增值权在等待期结束后的开始行权年度激励效果最大；股票市场对股票增值权的行权存在着过度反应。最后本文提出了改进股票增值权激励的政策建议。

Effectiveness of Stock Appreciation Rights

Stock appreciation rights are widely used as equity incentives by Chinese blue chip companies listed overseas. This paper takes Sinopec as an example for empirical study in respect of various issues after implementation of SARS including corporate earnings, governance, management agency costs and stock market reaction. The author believed that SARS has a positive impact on corporate earnings and governance and the effect is more obvious during vesting period. As stock market is thought to have overreacted to the exercise of SARS, the author puts forward suggestion in regard to this issue.