管理层股权激励对公司绩效影响的实证研究

本文以2005年前的上市公司为研究对象,用实证方法研究高管持股与公司绩效之间的关系及其影响因素。实证结果表明,虽然上市公司高管人员的平均持股水平很低,但对高管人员的行为仍有重要的激励作用。当总经理独立于董事会时,股权激励的效果更为明显。此外,公司的规模和控股股东性质等因素也会起到调节高管持股的激励作用。

An Empirical Research on the Impact of Top Managers' Equity Incentive on Corporate Performance

This article made an empirical research on the relationship between top managers' shareholding and corporate performance and other factors that has some influence on corporate performance with the sample of Chinese listing companies listed before 2005.The result shows although the shareholding ratio of top managers' is relatively low,it does have important incentive effect on top managers.While general manager is independent with directorate, the impact of equity incentive would be even stronger.Additionall...