摘要
西方理论和实践表明,在现代产权结构下,股权激励是促进公司价值增长的一个有效手段。在我国特殊国情下,股权激励对公司价值的影响效果需要进一步分析。通过构建计量模型,对2006～2008年A股市场股权激励行为进行实证研究,分析股权激励对公司价值的影响。发现股权激励对公司价值有正向影响,但是线性关系并不显著,呈正U形的区间激励效果。其他的影响因素中,公司规模与公司价值存在显著的正相关关系,公司债务水平与公司价值存在显著的负相关关系,而上市公司无形资产所占比重以及企业成长性与公司价值之间不相关。对于不同所有制企业,民营企业股权激励效果要强于国有企业。有鉴于此,我国政府以及上市公司需要分别从宏观和微观层面上进一步完善股权激励的外部环境和内部制度,充分发挥股权激励对公司价值的激励效用。
Western theory and practical experience shows that equity incentive is an effective way to improve the growth of company value under the condition of modern property rights structure.Due to the special conditions in China,the effects of equity incentive on company value need further research.By building econometric model,we make an analysis on the effects of equity incentive on company value with the empirical research of equity incentive of A-share market from 2006 to 2008.It concludes that there is U-range rather than linear relationship between equity incentive and company value.Among the other affecting factors,there is positive relationship between company scale and company value,and there is an obvious negative relationship between company debt level and company value.Furthermore,the effect of equity incentive on private enterprises is deeper than that on state-owned ones.In view of this,the government and listed companies should further improve the external environment and internal mechanism of equity incentive from both macro and micro perspectives,and give full play to equity incentive＇s effects on company value.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2011年第2期85-91,共7页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
2010年国家社科基金资助项目(10BGL053)
教育部人文社科青年资助项目(08JC790081)
关键词
股权激励
公司价值
正向影响
区间激励
Equity incentive
Company value
Positive effects
Range incentive
