财务与金融
財務與金融
재무여금융
2011年
2期
46-49
,共4页
上市公司%管理层股权激励%决定因素
上市公司%管理層股權激勵%決定因素
상시공사%관리층고권격려%결정인소
Listed Companies%Stock Option Incentives for Management%Decisive Factors
管理层股权激励决定因素的研究是我国上市公司股权激励研究的一个热点。本文以管理层股权激励水平为被解释变量,成长能力、公司规模、企业风险、自由现金流、股权制衡度、股权集中度及管理层任期为解释变量来研究上市公司管理层股权激励的决定因素。通过本文的研究发现企业风险和管理层股权激励正相关且显著,公司规模、自由现金流及股权制衡度对股权激励水平都是负相关的,而且负相关性显著。
管理層股權激勵決定因素的研究是我國上市公司股權激勵研究的一箇熱點。本文以管理層股權激勵水平為被解釋變量,成長能力、公司規模、企業風險、自由現金流、股權製衡度、股權集中度及管理層任期為解釋變量來研究上市公司管理層股權激勵的決定因素。通過本文的研究髮現企業風險和管理層股權激勵正相關且顯著,公司規模、自由現金流及股權製衡度對股權激勵水平都是負相關的,而且負相關性顯著。
관리층고권격려결정인소적연구시아국상시공사고권격려연구적일개열점。본문이관리층고권격려수평위피해석변량,성장능력、공사규모、기업풍험、자유현금류、고권제형도、고권집중도급관리층임기위해석변량래연구상시공사관리층고권격려적결정인소。통과본문적연구발현기업풍험화관리층고권격려정상관차현저,공사규모、자유현금류급고권제형도대고권격려수평도시부상관적,이차부상관성현저。
The research on the decisive factors of stock option incentive plan for management is the hot topic for the research of stock option incentives in Chinese listed companies. This paper uses the stock option incentives level as the explained variable, while uses growth capability, scale of company, risk, free cash flow, stock balance degree, stock concentration degree and tenure as explanatory variables to study the decisive factors of stock option incentive plan for management in listed companies. Through the analysis, the paper finds that risk has a positive correlation with stock option incentives and the correlation is obvious, while scale of company, free cash flow, and stock balance degree has a negative correlation with stock option incentives and the negative correlation is obvious.
