股权激励对企业价值的影响研究综述

A Review of Research on the Impact of Equity Incentives on Corporate Value

摘要: 文章首先介绍相关研究背景与意义；再通过系统梳理国内外文献，从理论视角、研究方法、样本异质性三个维度对比分析现有研究成果，揭示股权激励对企业价值影响的双重效应与结论差异根源；接着构建股权激励影响企业价值的整合分析框架，阐述核心路径与调节机制；最后对现有研究进行评述，指出行业异质性考量不足、中介与调节变量挖掘不深入、内生性处理不完善等问题，并提出未来研究方向。

Abstract: This paper first introduces the relevant research background and significance.Then, through systematically reviewing domestic and foreign literature, it comparatively analyzes existing research findings from three dimensions: theoretical perspective, research methodology, and sample heterogeneity, revealing the dual effects of equity incentives on corporate value and the root causes of inconsistent conclusions. Furthermore, it constructs an integrated analytical framework for the impact of equity incentives on corporate value, and expounds the core impact paths and moderating mechanisms. Finally, it reviews the existing research, points out the deficiencies including insufficient consideration of industry heterogeneity, inadequate exploration of mediating and moderating variables, and imperfect treatment of endogeneity, and proposes future research directions.