摘 要
股权激励作为一种重要的公司治理工具，近年来受到广泛关注。本研究旨在探讨股权激励对企业长期绩效的影响机制及其效果。通过对2010-2020年间沪深两市A股上市公司数据的实证分析，采用双重差分法和倾向得分匹配法控制内生性问题，研究发现股权激励能够显著提升企业长期绩效。具体而言，实施股权激励后企业的营业收入增长率、净利润率等财务指标均呈现明显改善趋势，且这种正面效应在激励计划实施后的第三年开始显现并持续增强。进一步分析表明，股权激励通过优化管理层决策行为、降低代理成本、提高创新投入等途径促进企业价值创造。此外，研究还发现股权激励对不同规模和行业属性的企业影响存在异质性，大型企业和高科技行业受益更为显著。本研究创新性地将股权激励与企业长期绩效相结合，突破了以往仅关注短期财务表现的研究局限，为完善我国上市公司激励机制提供了理论依据和实践指导，丰富了公司治理领域的相关研究。
关键词：股权激励 企业长期绩效 双重差分法
Abstract
Share-based compensation, as an essential corporate governance tool, has garnered significant attention in recent years. This study aims to investigate the mechanisms and effects of share-based compensation on firms' long-term performance. Utilizing empirical analysis of data from A-share listed companies on the Shanghai and Shenzhen stock exchanges between 2010 and 2020, this research employs a difference-in-differences approach and propensity score matching to address endogeneity issues. The findings indicate that share-based compensation significantly enhances long-term firm performance. Specifically, financial indicators such as revenue growth rate and net profit margin exhibit marked improvements following the implementation of share-based compensation plans, with positive effects becoming evident in the third year post-implementation and continuing to strengthen thereafter. Further analysis reveals that share-based compensation promotes value creation by optimizing managerial decision-making, reducing agency costs, and increasing innovation investment. Additionally, the study finds heterogeneous impacts of share-based compensation across firms of different sizes and industries, with larger firms and high-tech industries benefiting more substantially. Innovatively combining share-based compensation with long-term firm performance, this research transcends the limitations of previous studies that focused solely on short-term financial outcomes, providing theoretical support and practical guidance for improving incentive mechanisms in Chinese listed companies, and enriching the literature on corporate governance.
Keyword:Equity Incentive Firm Long-term Performance Difference-in-Differences Method
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与思路 2
2股权激励机制的理论基础 2
2.1股权激励的概念界定 2
2.2激励理论综述 3
2.3股权激励对企业长期绩效的作用机理 3
3股权激励实施的影响因素分析 4
3.1企业内部治理结构影响 4
3.2行业特性对股权激励效果的影响 5
3.3宏观经济环境的制约作用 5
4股权激励对企业长期绩效的具体影响 6
4.1财务绩效指标的变化趋势 6
4.2非财务绩效指标的改善情况 6
4.3长期战略目标实现程度 7
结论 8
参考文献 9
致谢 10
股权激励作为一种重要的公司治理工具，近年来受到广泛关注。本研究旨在探讨股权激励对企业长期绩效的影响机制及其效果。通过对2010-2020年间沪深两市A股上市公司数据的实证分析，采用双重差分法和倾向得分匹配法控制内生性问题，研究发现股权激励能够显著提升企业长期绩效。具体而言，实施股权激励后企业的营业收入增长率、净利润率等财务指标均呈现明显改善趋势，且这种正面效应在激励计划实施后的第三年开始显现并持续增强。进一步分析表明，股权激励通过优化管理层决策行为、降低代理成本、提高创新投入等途径促进企业价值创造。此外，研究还发现股权激励对不同规模和行业属性的企业影响存在异质性，大型企业和高科技行业受益更为显著。本研究创新性地将股权激励与企业长期绩效相结合，突破了以往仅关注短期财务表现的研究局限，为完善我国上市公司激励机制提供了理论依据和实践指导，丰富了公司治理领域的相关研究。
关键词：股权激励 企业长期绩效 双重差分法
Abstract
Share-based compensation, as an essential corporate governance tool, has garnered significant attention in recent years. This study aims to investigate the mechanisms and effects of share-based compensation on firms' long-term performance. Utilizing empirical analysis of data from A-share listed companies on the Shanghai and Shenzhen stock exchanges between 2010 and 2020, this research employs a difference-in-differences approach and propensity score matching to address endogeneity issues. The findings indicate that share-based compensation significantly enhances long-term firm performance. Specifically, financial indicators such as revenue growth rate and net profit margin exhibit marked improvements following the implementation of share-based compensation plans, with positive effects becoming evident in the third year post-implementation and continuing to strengthen thereafter. Further analysis reveals that share-based compensation promotes value creation by optimizing managerial decision-making, reducing agency costs, and increasing innovation investment. Additionally, the study finds heterogeneous impacts of share-based compensation across firms of different sizes and industries, with larger firms and high-tech industries benefiting more substantially. Innovatively combining share-based compensation with long-term firm performance, this research transcends the limitations of previous studies that focused solely on short-term financial outcomes, providing theoretical support and practical guidance for improving incentive mechanisms in Chinese listed companies, and enriching the literature on corporate governance.
Keyword:Equity Incentive Firm Long-term Performance Difference-in-Differences Method
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与思路 2
2股权激励机制的理论基础 2
2.1股权激励的概念界定 2
2.2激励理论综述 3
2.3股权激励对企业长期绩效的作用机理 3
3股权激励实施的影响因素分析 4
3.1企业内部治理结构影响 4
3.2行业特性对股权激励效果的影响 5
3.3宏观经济环境的制约作用 5
4股权激励对企业长期绩效的具体影响 6
4.1财务绩效指标的变化趋势 6
4.2非财务绩效指标的改善情况 6
4.3长期战略目标实现程度 7
结论 8
参考文献 9
致谢 10
