CAJ | 학술논문

本文通过对2007—2010年沪、深两市1 000多家A股上市公司共5 025个样本数据进行实证检验,旨在研究近几年来我国上市公司管理层持股比例、股权激励政策与公司绩效之间的相关关系。引入控制变量,包括公司资产规模、成长性、偿债能力的财务指标,公司绩效分别选择托宾q值和公司净资产收益率（ROE）,并且将样本以是否管理层持股,是否实施股权激励,年度截面数据和总体样本进行分类检验。实证结果表明股权激励对公司长期绩效指标的托宾q值为显著的正相关影响。且随着年份的增加,该正相关性越显显著,而在股权激励公司中,管理层高持股与公司q值显著正相关,但激励股本占总股本的比例在本文的模型中与公司托宾q值呈显著负相关。
본문통과대2007—2010년호、심량시1 000다가A고상시공사공5 025개양본수거진행실증검험,지재연구근궤년래아국상시공사관리층지고비례、고권격려정책여공사적효지간적상관관계。인입공제변량,포괄공사자산규모、성장성、상채능력적재무지표,공사적효분별선택탁빈q치화공사정자산수익솔（ROE）,병차장양본이시부관리층지고,시부실시고권격려,년도절면수거화총체양본진행분류검험。실증결과표명고권격려대공사장기적효지표적탁빈q치위현저적정상관영향。차수착년빈적증가,해정상관성월현현저,이재고권격려공사중,관리층고지고여공사q치현저정상관,단격려고본점총고본적비례재본문적모형중여공사탁빈q치정현저부상관。
Based on a data analysis of 5025 samples from over 1000 listed A-shared companies during 2007-2010,this paper means to study the effects of managerial ownership percentages and stock option incentive policies on corporate performances.Control variants cover factors such as company asset size,growth potentiality,and debt-paying ability.Corporate performance ismeasured by Tobin's Q and ROE.Data are categorized and analyzed in terms of managerial ownership,stock option incentive policies,annual cross section data,and overall sample size.Test results indicate that,as time goes by,there is a correspondingly significant and positive relationship between stock option incentive policies and a company's long-term Tobin's Q.While the relationship between its portion in the whole stock used for incentive policies and the corporate performance measured by Tobin's Q is significantly negative.