下载后可任意编辑股权激励对上市公司财务绩效的影响讨论股权激励对上市公司财务绩效的影响讨论 杜建菊朱沛文 摘要：由于所有者和经营者之间目标不同以及信息不对称所产生的代理成本问题，成为影响上市公司经营绩效提高的主要障碍，因此企业设计了一种长期激励机制——股权激励，来解决这一问题。为了讨论高管股权激励对企业财务绩效的影响，以及股权激励强度与代理成本的关系，进而对新经济形势下企业如何正确处理与高管人员关系，促进财务绩效的提升等问题进行探讨。本文选取 20XX-20XX 年 A 股上市公司数据为样本，基于多元回归分析及稳健性检验等计量工具进行实证分析。讨论表明，股权激励能够促进企业财务绩效的提升，而代理成本在股权激励强度与企业绩效间起中介作用。 Abstract： Because of the different goals between owners and managers and the agency cost caused by information asymmetry， it has become the main obstacle to improve the operating performance of listed companies. Therefore ， a long-term incentive mechanism ， equity incentive， is designed to solve this problem. In order to study the impact of executive equity incentives on corporate financial performance， and the relationship between equity incentive intensity and agency costs ， and then discuss how to properly handle the relationship with executives and promote financial performance improvement in the new economic situation， this article selects the data of A-share listed companies from 20XX to 20XX as samples， and conducts empirical analysis based on multiple regression analysis and robustness testing and other measurement tools. Research shows that equity incentives can promote the improvement of corporate financial performance， and agency costs play an intermediary role between the 1下载后可任意编辑intensity of equity incentives and corporate performance. 關键词：股权激励强度;财务绩效;代理成本 Key words： strength of equity incentive;financial performance;agency cost 中...
