摘要
以上海家化联合股份有限公司分别在国有和民营产权下制定的6套股权激励方案为例,考察在不同产权背景下,企业产权性质对股权激励及企业投资行为的影响。发现相比国有时期,民企产权下制定的股权激励方案具有激励范围广、授予价格高、考核要求高、考核期长等特点;从股权激励前后的投资效率变化看,整体而言,民营时期上海家化的投资效率低于国有时期,但民营产权下股权激励对企业投资效率影响更明显;在企业投资行为的变化上,民营产权下,企业投资重心更偏向对内经营性资产的投资。
This paper analyzes the relationship between the property rights,the equity incentive and corporate investmentbehavior. And we try to analyzes under the impact of equity incentive program whether the investment behavior of the case company is affected by its different property rights. By comparing the six sets of equity incentive scheme and the investment behavior of enterprises before and after the change,the difference of property right affects the design of equity incentive and further influences the investment behavior of enterprises.
作者
陆海蓉
于永生
LV Hai-rong;YU Yong-sheng(Accounting School ,Zhejiang University of Finance and Economics,Hangzhou 310018,China)
出处
《郑州航空工业管理学院学报》
2018年第3期37-45,共9页
Journal of Zhengzhou University of Aeronautics
关键词
股权激励
民营产权
国有企业
企业投资
上海家化
equity incentive
private property rights
state - owned enterprises
enterprise investment
Shanghai Jahua
