上市公司股权激励影响公司价值的实证分析

建立健全经营者股权激励机制是深化国有企业改革和增强企业活力的重要途径之一,经营者持股、国家股股东(国有资本注资持股)和流通股股东(中小股东持股)具有不同的股权激励效果。其中经营者持股具有最强的激励功能,有利于改善公司绩效和提升公司价值;委托代理关系下的国有资本容易出现投资者主体缺乏保护机制的问题,进而扩大委托代理关系的距离以及信息的不对称程度,引发企业效率低下;在流通股股东的激励环境下,股权流动性分裂从根本上损害了上市公司股东之间利益的一致性,可能导致经营者持股和国家股的激励减弱。在总结前人研究成果的基础上,选择制造业机械、设备、仪表次类上市公司为研究样本,从实证的角度对上述问题进行了探索。

The Empirical Analysis of the Influence of Listed Companies' Operators Stock Option Motivation on the Enterprise Value

Establishing and perfecting the enterprise operator option motivation mechanism is one of the important ways that deepen the reform of state owned enterprise and enhance the vitality of enterprise. The state owned shareholder ( holding state owned capital injection) and the circulation stock shareholder ( medium and small shareholder owned stock) have different effects of stock option motivation in the operator owned stock. And,the operator owned stock has the strongest motivated function,and is advantageou...