摘要
针对目前理论界关于股权激励与经营业绩关系正反结论争议较大的现状,指出股权激励实质上是通过劳资和谐程度作用于企业经营业绩的。选取我国2015—2019年共1 077家A股上市公司的数据,对上市公司劳资和谐程度与经营业绩关系进行了实证分析。研究发现,股权激励授予的员工范围越大,则劳资和谐程度越高;股权激励本质上是作用于劳资和谐程度进而影响经营业绩的,劳资和谐程度越高,则公司经营业绩越好。但是股权激励授予员工比例对劳资和谐程度的影响是不确定的,这也是以往股权激励对经营业绩效果存在争议的原因所在。
In response to the current controversial conclusion in the theoretical community regarding the relationship between equity incentives and business performance,it is pointed out that equity incentives essentially affect business performance through the degree of labor capital harmony.We selected data from a total of 1077 A-share listed companies in China from 2015 to 2019 to empirically analyze the relationship between labor capital harmony and business performance of listed companies.Research has found that the larger the scope of equity incentives granted to employees,the higher the degree of labor capital harmony;equity incentives essentially affect the level of labor capital harmony and thus affect business performance.The higher the level of labor capital harmony,the better the company's business performance.However,the impact of the proportion of equity incentives granted to employees on the degree of labor capital harmony is uncertain,which is also the reason for the controversy over the effectiveness of equity incentives on business performance in the past.
作者
吴君民
杨睿
Wu Junmin;Yang Rui(School of Economics and Management,Jiangsu University of Science and Technology,Zhenjiang 212100,China)
出处
《经济研究导刊》
2023年第12期68-74,共7页
Economic Research Guide
基金
国家自然科学基金“能源要素价格扭曲:成因、测度及适度纠偏策略研究”(71874073)资助
江苏省社会科学基金课题“江苏共同富裕导向的企业新股权激励机制研究”(21GLB008)。
关键词
劳资和谐程度
股权激励
经营业绩
上市公司
degree of harmony between labor and capital
equity incentives
business performance
listed company
