CAJ | 학술논문

基于股权激励契约视角,以股权分置改革后公告股权激励计划的上市公司为样本,实证检验行权业绩、非经常性损益和股权激励契约三者之间的关系。研究发现,公告股权激励计划当年,没有发现上市公司股权激励公告前后非经常性损益的异常变动,通过主营业务经营所获得的收益仍然是构成公司业绩的主要来源,然而微利公司具有较强的利用非经常性损益操纵行权业绩的动机。研究还发现,股权激励契约初始设计对非经常性损益操纵行权业绩行为有较大影响,进而为重视和完善股权激励契约初始配置提供经验证据和政策支持。
기우고권격려계약시각,이고권분치개혁후공고고권격려계화적상시공사위양본,실증검험행권업적、비경상성손익화고권격려계약삼자지간적관계。연구발현,공고고권격려계화당년,몰유발현상시공사고권격려공고전후비경상성손익적이상변동,통과주영업무경영소획득적수익잉연시구성공사업적적주요래원,연이미리공사구유교강적이용비경상성손익조종행권업적적동궤。연구환발현,고권격려계약초시설계대비경상성손익조종행권업적행위유교대영향,진이위중시화완선고권격려계약초시배치제공경험증거화정책지지。
Taking listed companies announcing equity incentive scheme after the reform of equity division as a sample, this article empirically tests the relationship among the three of exercise performance, non - recurring profit and loss, and equity incentive contracts from equity Incentive Contracts perspective. The research found that no ab- normal changes of listed companies happened before and after the year of announcing equity incentive scheme and the profits obtaining from main business are still the main sources that constitute the exercise performance while Low Profit Company in motivation which makes use of non - recurring profit and loss to manipulate exercise performance is comparatively strong. The research also found that the initial design of equity incentive contracts has greater in- fluence on non -recurring profit and loss to manipulate exercise performance so that it provides empirical evidence and policy support for emphasizing and perfecting the initial allocation of equity incentive contracts.