Economic Theory and Business Management
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CHEN Wen-qian
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陈文强
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Abstract: This paper investigates the dynamic effect of equity incentive on operating performance under a longterm time frame,and examines whether and how this dynamic relationship between equity incentive and corporate operating performance can be moderated by property rights, grant motivation and implementation frequencyThe results show as follows: Equity incentive can not only exert current incentive effect in the event year, but also exist persistent effect in the following 5 years, which presents an inverted ushaped dynamic characteristicCompared with private enterprises, the incentive effect of stateowned enterprises exists a twoyear time lagged effect and can only last for 3yearsCompared to incentive contracts with more stable and continuous incentive, welfare contracts exist only shortterm incentive effect and appear negative effects after the third yearEquity incentive has stronger and more lasting performanceimproving effect for the enterprises with higher frequency of implementation.
Key words: equity incentive , dynamic effect , property rights , grant motivation , implementation frequency , propensity score matching method
摘要: 基于长期研究视角,本文在考察股权激励对企业绩效动态影响的基础上,检验了产权性质、授予动机和实施频率对这一关系的影响。结果显示:股权激励存在动态激励效应。不仅在实施当期具有即期影响,在实施后的五年还表现出持续性的激励效果,且在时间分布上呈现出先升后降的“倒U型”特征。相较于民营企业,国有企业实施股权激励后的绩效提升作用较弱,持续期较短,且在实施初期没有即刻显现出激励效应,而是经历了一个为期两年的滞后期。相较于绩效提升作用更强、更持久的激励型契约,福利型合约仅在短期内存在激励效果,并在实施后第四年出现业绩反转,显现出负效应。相对于只实施了一期的公司,股权激励对连续实施多期激励计划公司的激励效果更好,不仅绩效提升作用更强,激励效应也更持久、稳定。
关键词: 股权激励 , 动态效应 , 产权性质 , 授予动机 , 实施频率 , 倾向得分匹配法
CHEN Wen-qian. A RESEARCH ON THE DYNAMIC EFFECT OF EQUITY INCENTIVE UNDER A LONGTERM TIME FRAME [J]. Economic Theory and Business Management.
陈文强. 长期视角下股权激励的动态效应研究[J]. 经济理论与经济管理.
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URL: http://jjll.ruc.edu.cn/EN/
http://jjll.ruc.edu.cn/EN/Y2016/V36/I11/53