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| 股权激励对高新技术企业绩效影响的研究
摘 要
高新技术企业作为新世代国家经济发展浪潮的中坚力量，高级管理人员是其公司发展不可或缺的一部分。为了解决公司治理中受信任的代理人的问题并帮助提高公司创新的效率，越来越多的此类上市公司选择实行高管激励计划。本文基于此趋势的背景下提出假设：股权激励对高新技术企业绩效是呈正相关的关系；但当股东持股比例过大、股权集中度过高时，会加剧大股东和高管之间的代理问题。遂加入股权集中度这一因素，并由此提出进一步假设：股权集中度负向调节股权激励与企业绩效的正向关系。本文对创业板上的913高新技术企业进行分析，选取总资产收益率作为衡量企业绩效的变量，股权激励比例来表示股权激励的程度，并选取公司规模、财务杠杆、营业收入增长率、政府补助、企业年龄等作为控制变量，得出股权激励对高新技术企业绩效是呈正相关的关系，以及股权集中度负向调节股权激励与企业绩效的正向关系。
关键词：股权激励；高管激励；股权集中度；高新技术企业
Research on the impact of equity incentive on the performance of high tech Enterprises
ABSTRACT
High tech enterprises as the backbone of the new generation of national economic development wave, senior managers are an indispensable part of the company's development. In order to solve the problem of trusted agents in corporate governance and help improve the efficiency of corporate innovation,more and more such listed companies choose to implement executive incentive plan. Based on this trend, this paper puts forward the hypothesis: equity incentive hasa positive correlation with the performance of high-tech enterprises;but when the proportion of shareholders is too large and the ownership concentration is too high, it will aggravate the agency problem between large shareholders and executives. Then we add the factor of ownership concentration,and put forward a further hypothesis: ownership concentration negatively regulates the positive relationship between equity incentive and enterprise performance. This paper analyzes the 913 high-tech enterprises on the gem,selects the return on total assets as the variable to measurethe enterprise performance,the proportion of equity incentive to express the degree of equity incentive, and selects the company size, financial leverage, growth rate of operating income, government subsidies, enterprise age as the control variables, and concludes that equity incentive is positively correlated with the performance of high-tech enterprises And the ownership concentration negatively moderates the positive relationship between equity incentive and corporate performance.
Keywords: Equity incentive; executive incentive; equity concentration
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