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股权激励行权业绩考核如何影响企业全要素生产率 被引量:3

Effect of Equity Incentive Plan and Its Performance-vesting Provisions on Corporate TEP
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摘要 厘清实施股权激励计划及其行权业绩考核对企业全要素生产率的影响,对助推企业高质量发展具有重要的现实意义。研究发现:(1)相对于非股权激励公司,实施股权激励计划能够提高全要素生产率,股权激励行权业绩考核目标越大,股权激励强度越大,能够促进全要素生产率提升。进一步研究表明,股权激励行权业绩考核对公司技术效率具有显著的抑制作用,对公司技术进步具有显著的促进作用,因此,股权激励行权业绩考核对全要素生产率的提升作用主要是通过促进技术进步来实现的。(2)非线性效应检验结果表明,净资产收益率的非线性效应不明显,净利润增长率对全要素生产率的影响呈倒“U”型非线性关系,随着行权业绩考核目标的增大,高管行为存在着由协同动机向自利动机转化的倾向。(3)异质性效应分析表明,在国有控股公司中,降低国有股权能够增强股权激励行权业绩考核对全要素生产率的促进作用;在非国有控股公司中,增加国有股权能够增强其激励效应,这从一个侧面反映了推进混合所有制改革、发展混合所有制经济的必要性和重要性。上述结论丰富了高管股权激励的经济后果研究,为强化公司内部治理机制、促进全要素生产率提升进而助推高质量发展提供实证参考依据。 This paper studies the effect ofequity incentive plan and its performance-vesting provisions on corporate TFPbased on the annual data of A share listed firms. The research evidence shows that firstly compared with non-equity incentive companies, the implementation of equity incentive plan can improve TFP, and the greater the performance-vesting provisions target, the greater the incentive intensity, and it can promote TFP. Further research shows that performance-vesting provisions has a significant inhibitory effect on the company’s technical efficiency, and a significant role in promoting technical progress. Therefore, the role of performance-vesting provisions in improving TFP is mainly realized by promoting technical progress. Secondly, the non-linear effect test results show that the nonlinear effect of net assets return rate is not obvious, and the impact of net profit growth rate shows an inverted “U” non-linear relationship. With the increase of performance-vesting provisions target, there is a tendency for executives’ behavior to transform from synergy motivation to self-interest motivation. Thirdly, heterogeneity effect analysis shows that in state-owned holding companies, reducing state-owned equity can enhance the promotion effect of performance-vesting provisions on TFP. In non-state holding companies, increasing state-owned equity can enhance its incentive effect, which reflects the necessity and importance of promoting mixed ownership reform and developing mixed ownership economy. The above conclusions enrich the research on the economic consequences of executive equity incentive, and provide empirical reference for strengthening the company internal governance mechanism, promoting the improvement of TFP and high-quality development.
作者 王浩 尚泉酉 李金达 WANG Hao;SHANG Quan-you;LI Jin-da(School of Accounting,Henan University of Economics and Law,Zhengzhou 450046,China;School of Accounting,Central University of Finance and Economics,Beijing 100081,China)
出处 《湖南科技大学学报(社会科学版)》 CSSCI 北大核心 2022年第5期104-115,共12页 Journal of Hunan University of Science and Technology(Social Science Edition)
基金 国家社会科学基金项目(21BGL079) 河南省高等学校重点科研项目(23A630015)。
关键词 股权激励 行权业绩考核 技术效率 技术进步 equity incentive performance-vesting provisions technical efficiency technical progress
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