股权激励动机及经济后果研究

A Study on the Motivation and Economic Consequences of Equity Incentive

摘要: 股权激励正在逐渐成为留住核心人才，让企业平稳向好发展的有效措施。本文通过对股权激励动机及经济后果相关文献的梳理，将股权激励动机分为激励型动机和非激励型动机，非激励型动机进一步又细分为福利型动机和赎买型动机，并且从最优契约理论、人力资本理论、管理层权力理论和大股东赎买理论等视角对股权激励动机的研究成果进行了述评。同时，从财务效应和市场效应两个方面分析了股权激励产生的经济后果，最后分析了现有研究仍存在的问题并提出了今后的研究方向。

Abstract: Equity incentive is gradually becoming an effective measure to retain core talents and ensure stable and positive development of enterprises. This paper reviews the literature on equity incen-tive motivation and economic consequences, dividing it into incentive motivation and non-incentive motivation. Non-incentive motivation is further divided into welfare motivation and redemption motivation. From the perspectives of optimal contract theory, human capital theory, management power theory and large shareholder redemption theory, the research outcomes about the motiva-tion of equity incentive are reviewed. At the same time, the economic consequences of equity incen-tives were analyzed from two aspects: financial effect and market effect. In the end, it analyzes the problems in existing research and proposes future research directions.