中国上市公司股权激励:现状与讨论

作为缓解代理冲突的重要长效激励机制,股权激励在中国经过多年的发展取得了一定成效.尽管学术界关于股权激励形成了诸多研究成果,但目前尚缺乏针对股权激励实施情况的系统全面分析.本文通过对中国股权激励制度变迁和相关文献进行梳理,以2006～2020年中国A股市场股权激励公司为研究对象,从激励强度、激励对象、激励模式、激励时间间...

Equity Incentive of Listed Firms in China:Retrospectives and Perspectives

As an important long-term incentive mechanism to alleviate agency conflict,equity incentive has achieved extent results after years of development in China.Although prior studies have focused on equity incentive,there is a gap on the systematic and comprehensive analysis on implementation of equity incentive.Through the analysis on the institutional evolution of China's equity incentive system and relevant literature,this paper describes and analyzes the present situation of equity incentive from the dimensions of equity incentive object,incentive intensity,subject matter and its source,incentive time interval and incentive validity period,and summarizes its characteristics using the listed companies that implemented equity incentive from 2006 to 2020.Furthermore,this paper discusses the key issues and practical differences of equity incentive concerned by the theory,and puts forward the research prospect of equity incentive in the future based on the characteristics of China.This paper reveals the whole implementation of equity incentive in China,and provides feasible ideas for further research.