CAJ | 학술논문

股权激励是公司治理研究的热点问题。以伊利股份的股权激励为案例,研究了其股权激励在公司治理中所起的作用。结果显示：在伊利股份的股权激励方案宣告与实施期间,市场对股权激励宣告与实施的反应较为消极,股权激励并没有得到市场投资者的认可。分析结果说明,股权激励可能是内部人的管理层寻租而不是股东利益最大化的工具,因而,股权激励并没有表现出利益趋同效应。
고권격려시공사치리연구적열점문제。이이리고빈적고권격려위안례,연구료기고권격려재공사치리중소기적작용。결과현시：재이리고빈적고권격려방안선고여실시기간,시장대고권격려선고여실시적반응교위소겁,고권격려병몰유득도시장투자자적인가。분석결과설명,고권격려가능시내부인적관리층심조이불시고동이익최대화적공구,인이,고권격려병몰유표현출이익추동효응。
Equity incentive is a hot issue of corporate governance research.Based on the data of Yili Company,this paper investigates the role of equity incentives in corporate governance.The results show that the market reaction is passive during the period of announcement and implementation of equity incentive programs.So,these conclusions provide the direct evidence that equity incentives may be the tool of rent-seeking by management instead of maximizing shareholders interests.