CAJ | 학술논문

本研究探讨在股权激励方案设计中，如何合理设置激励条件才能提高股权激励解决委托代理问题的效果，降低代理成本。文中选取2009～2011年上市公司面板数据，应用多元回归分析等方法进行了股权激励条件设置对代理成本影响的实证研究。研究发现：每股收益和现金营运指数与代理成本呈显著负相关关系；独立董事比例和公司规模是对激励条件松紧度影响比较大的内生约束因素。因此，在设置股权激励条件时应重点选取每股收益和现金营运指数这两个指标，并重点考虑独立董事比例和公司规模这两个因素的影响作用。
본연구탐토재고권격려방안설계중，여하합리설치격려조건재능제고고권격려해결위탁대리문제적효과，강저대리성본。문중선취2009～2011년상시공사면판수거，응용다원회귀분석등방법진행료고권격려조건설치대대리성본영향적실증연구。연구발현：매고수익화현금영운지수여대리성본정현저부상관관계；독립동사비례화공사규모시대격려조건송긴도영향비교대적내생약속인소。인차，재설치고권격려조건시응중점선취매고수익화현금영운지수저량개지표，병중점고필독립동사비례화공사규모저량개인소적영향작용。
T he paper discusses how to set up reasonable incentive conditions in designing the equity incentive plan to effectively reduce the costs of principal-agent .An empirical research was made by multiple regression on the impact of equity incentive conditions on the corporate agency costs on the basis of the panel data of the listed companies during the years from 2009 to 2011 .The results show that the earnings per share and the cash operating index are negatively correlated with the agency costs ,and that the proportion of the independent directors and the size of the company are the endogenous constraints which have relatively great impact on the equity incentive conditions .Therefore ,in setting up the incentive conditions ,the earnings per share and the cash operating index should be selected ,with the effect of both the proportion of the independent directors and the size of the company as the key consideration .