高管股权激励与企业绩效

Executive Equity Incentives and Corporate Performance

摘要: 股权激励机制是一种企业为了激励和保留核心人才而实施的长期奖励机制，对企业的管理、企业绩效和长期稳定可持续发展有着很大的意义。文中样本数据选择自2009~2022年的沪深A股上市公司，研究对高管实施股权激励会对企业绩效产生何种影响。研究结果发现，高管股权激励与企业绩效有正向显著影响，机构投资者持股在高管股权激励与企业绩效关系中有着调节作用，降低代理成本、增强企业创新和内部控制在高管股权激励和企业绩效的关系中存在部分中介作用。为了进一步促进企业发展，提高企业竞争力，需要合理设计股权激励方案，并根据公司自身的独特性质进行谨慎的决策，从而有助于企业更好地利用股权激励这一长期激励策略实现可持续发展。

Abstract: The equity incentive mechanism is a long-term reward system implemented by enterprises to motivate and retain core talents, which is of great significance to corporate governance, business performance, and long-term stable and sustainable development. The sample data in this paper are selected from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2022, aiming to explore the impact of executive equity incentives on corporate performance. The empirical results show that executive equity incentives have a significantly positive effect on corporate performance. Meanwhile, institutional investor shareholding plays a moderating role in the relationship between executive equity incentives and corporate performance. In addition, reducing agency costs, enhancing corporate innovation, and strengthening internal control exert partial mediating effects in the above relationship. To further promote enterprise development and improve corporate competitiveness, it is necessary to rationally design equity incentive schemes and make prudent decisions based on the unique characteristics of the company itself, thereby helping enterprises to better leverage equity incentives as a long-term incentive strategy to achieve sustainable development.