CAJ | 학술논문

为克服样本选择偏误，本文采用倾向得分匹配法，在六年的时间框架内检验了股权激励效应的持续性问题。研究发现：整体而言，激励组的ROE和Tobin’s Q值均显著高于控制组，说明股权激励能有效地提高企业的财务绩效和市场价值；激励组的ROE在股权激励计划实施后的三年时间里均显著高于控制组，三年之后逐渐与控制组无显著差异，表明股权激励对企业财务绩效的提升作用能持续三年时间；激励组的Tobin’s Q值在实施的第一年与控制组无显著差异，但在随后的四年时间里均显著高于控制组，表明股权激励对企业市场价值存在长达四年的持续提升作用，但存在为期一年的时滞效应。
위극복양본선택편오，본문채용경향득분필배법，재륙년적시간광가내검험료고권격려효응적지속성문제。연구발현：정체이언，격려조적ROE화Tobin’s Q치균현저고우공제조，설명고권격려능유효지제고기업적재무적효화시장개치；격려조적ROE재고권격려계화실시후적삼년시간리균현저고우공제조，삼년지후축점여공제조무현저차이，표명고권격려대기업재무적효적제승작용능지속삼년시간；격려조적Tobin’s Q치재실시적제일년여공제조무현저차이，단재수후적사년시간리균현저고우공제조，표명고권격려대기업시장개치존재장체사년적지속제승작용，단존재위기일년적시체효응。
In order to address“sample-selection bias”, we employ propensity score matching method to examine the du-ration of equity incentive effects in a time frame of six years.The results are as follows: First, as a whole, the ROE and Tobin’s Q of the incentive group are significantly higher than those of the controlled samples, which means equity incentive can effectively improve corporates’financial performance and market value.Second, The ROE of incentive group is significantly higher than that of the controlled samples within 3 years after the implementation of equity incentive, but gradually shows no difference after the third year, which indicates that equity incentive’s promotion on financial performance can last for three years.Third, Tobin’s Q of incentive group is indifferent from that of the controlled group in the first year of implementation, however, during the next four years, it is significantly higher than that of the controlled samples, which means equity incentive exerts a persistent promotion on corporates’market value for four years with one-year-time-lag effect.