股权激励与公司绩效关系的文献综述

股权激励作为一种长期激励机制,是否发挥了应有效用是理论界和实务界长期关注和争论的热点。为了检验股权激励机制的效用,国内外学者对股权激励与公司绩效的相关性问题进行了大量的研究,结论并不统一。国外多数研究肯定了管理层股权激励与公司绩效相关,而国内以往实证研究中,股权激励与公司绩效不相关的结论居多。另外,中国与西方国家的研究结论差异较大,主要原因在于资本市场的环境不同。

Review on the Relationship Between Equity Incentive and Corporate Performance

Whether the equity incentive system,as a long term incentive,has played its due effect is concerned and debated long-term by theory and practice.To test the effectiveness of equity incentives,domestic and foreign scholars had done a lot of research on the relationship between equity incentive and corporate performance,but the conclusions are not uniform.Most foreign studies confirmed that equity incentive is related with corporate performance.But in the past domestic empirical research,the major conclusions are that equity incentive and corporate performance are not related.In addition,the conclusions of Chinese and Western countries are quite different,mainly because of the different capital market environment.