CAJ | 학술논문

选取实体经济的代表且并购事件多发的制造业上市公司为研究样本，依据2010年沪深两市A股上市公司相关并购数据，运用事件研究法，基于BHAR变量考察管理层股权激励对长期并购绩效的影响。实证研究结果表明：股权激励强度与长期并购绩效之间呈“倒U”型关系，并且当管理层持股比例低于8．11%时对长期并购绩效起到积极作用，当管理层持股比例超过8．11%时对长期并购绩效起到反作用。根据研究结论，适当的股权激励有助于提升长期并购绩效，但是制造业上市公司股权激励水平应该控制在合理水平。
선취실체경제적대표차병구사건다발적제조업상시공사위연구양본，의거2010년호심량시A고상시공사상관병구수거，운용사건연구법，기우BHAR변량고찰관리층고권격려대장기병구적효적영향。실증연구결과표명：고권격려강도여장기병구적효지간정“도U”형관계，병차당관리층지고비례저우8．11%시대장기병구적효기도적겁작용，당관리층지고비례초과8．11%시대장기병구적효기도반작용。근거연구결론，괄당적고권격려유조우제승장기병구적효，단시제조업상시공사고권격려수평응해공제재합리수평。
The paper selects manufacturing companies which are the representatives of real e-conomy and frequently involved in M&A events as the research samples,and based on the relevant data of A-share listed companies in Shanghai and Shenzhen stock exchanges in 2010 ,the impact of management equity incentives on the long-term performance of M&A is investigated by emplo-ying event study method and BHAR variable. The results show that there is an“inverted U -shape”relationship between equity incentives and long-term performance of M&A. Furthermore, when the shareholding ratio of management level is less than 8 . 11%,equity incentives play a pos-itive role in the long-term performance M&A,and when the ratio exceeds 8. 11%,equity incen-tives play a negative role in the long-term performance of M&A. Therefore,appropriate equity incentive is helpful for the long-term performance of M&A,but the equity incentive level of man-ufacturing industry should be controlled in a reasonable range.