股权激励、股权集中度与公司绩效.doc

股权激励、股权集中度与公司绩效
肖淑芳1 金田2
(1 北京理工大学管理与经济学院,北京100081)
(2 北京大学财务部,北京100871)
摘要:以2006年—2008年公告实施股权激励的公司为样本,将股权激励水平、股权集中度和公司绩效视作内生变量,建立联立方程,运用三阶段最小二乘法分析股权激励水平、股权集中度与公司绩效三者之间的关系。结果表明:(1)股权激励强度与公司股权集中度之间存在双向的影响关系,具体表现为股权激励强度越高,股权集中度越低;反之,股权越集中,则股权激励强度越低。(2)股权激励对公司绩效并没有显著影响,而公司绩效对股权激励有显著的正向影响,即公司绩效越好的公司越倾向于实施股权激励;(3)股权集中度对公司绩效没有显著的影响,公司绩效与股权集中度之间也不存在显著的相关关系。
关键词: 股权激励;股权集中度;公司绩效;内生性
Eqity Incentive, Ownership Concentration and Corporate Performance
XIAO Shu-fang1 JIN Tian 2
(1 School of Management& Economics, Beijing Institute of Technology, Beijing 100081, China)
(2 Office of Financial Affairs, Peiking University, Beijing 100871, China)
Abstract: Taking the panies which announced their equity incentive plans between the year 2006 and 2008 as study subject, this paper treat the equity incentive and ownership concentration as endogenous variables, then establish the simultaneous equations, using three-stage least squares toanalysis the relationship between equity incentive, ownership concentration and corporate performance. The empirical research shows that: (1) equity incentive and ownership concentration are determined jointly. The proportion of their two is strongly negative. That notes that they two are endogenous. (2) Treat as an endogenous variable, the equity incentive does not significantly affect the corporate performance. On the contrary, the corporate performance has significant influence on the equity incentive. (3) There is no significant relation between ownership concentration and corporate performance.
Keywords: Equity Incentives, Ownership Concentration, Corporate Performance, Endogenous

股权激励作为公司薪酬结构的一种普遍安排,目的是使公司员工的报酬与企业的经营业绩相联系。这种激励机制在一定程度上解决了企业所有者与经营者目标不一致的问题,从而降低了委托人和代理人之间的利益冲突。随着公司治理在中国的不断发展和完善,股权激励逐渐成为上市公司对管理层进行激励的手段。自2005年《上市公司股权激励管理办法(试行)》(以下简称《管理办法》)颁布以来,监管层在关于股权激励的一系列规范性文件中反复提到了必须规范公司治理结构和完善股权激励业绩考核机制。近年来,学术界围绕股权激励与公司绩效的关系进行了广泛
的研究,但是结果呈现出很大的差异性,远没有得到一致性结论。将从内生性的研究视角,引入股权集中度作为公司治理的重要因素,以探寻研究对股权激励产生影响的外生因素和内生因素,以及在这些因素的作用下,股权